Commercial Property: Historic Dungog site hits the market

OPPORTUNITY: This property in Dungog has a long-serving tenant and should appeal to self-managed superannuation funds, according to Matt Kearney of Colliers International.
OPPORTUNITY: This property in Dungog has a long-serving tenant and should appeal to self-managed superannuation funds, according to Matt Kearney of Colliers International.

A landmark Dungog site comprising three heritage buildings that have been adaptively re-used for office space has been listed for sale.

Matt Kearney, of Colliers International, is marketing the property at 130-136 Dowling Street and said it had the “right recipe” to appeal to investors.

“It has a good tenant, the building is in very good condition and the lease is a long-term lease with fixed increases, so there’s growth through those fixed increases,” Mr Kearney said.

“With the price point, which will be somewhere around $1 million, I expect we’ll get interest from self-managed superannuation funds and from investors that are chasing yield to add to their portfolio.”

The property in Dungog’s main street is set for auction on March 22.

BELMONT ACRES

Mr Kearney is also marketing a “rare” acreage in Belmont’s Halyard Way which will be taken to auction on March 22.

The 77 acres of vacant land is located on the southern side of Croudace Bay Road.

“It’s going to appeal to developers and it’s going to appeal to owner-occupiers. There is potential for two dwelling entitlements, subject to council approval.”

NO COMPARISON: A price guide has not yet been set for 77 acres of vacant land at Belmont which will be taken to auction on March 22.

NO COMPARISON: A price guide has not yet been set for 77 acres of vacant land at Belmont which will be taken to auction on March 22.

PROXIMITY TO CBD

Raine & Horne Commercial’s Alan Tonks rated position in an expanding industrial estate as a key selling factor to a level land development site for sale in Steel River Industrial Estate.

The 4185 square metre site in Riverside Drive is being offered for sale by private treaty with a price of $840,000 plus GST.

“Mayfield West is rapidly developing with the addition of half a dozen new buildings over the last 12 months,” Mr Tonks said

“It is popular because of its proximity to the CBD, the port and the excellent transport links like the M1 freeway and the North Coast.”

LEVEL SITE: This piece of land in Steel River Industrial Estate is being sold for $840,000 plus GST and is positioned in an expanding industrial location.

LEVEL SITE: This piece of land in Steel River Industrial Estate is being sold for $840,000 plus GST and is positioned in an expanding industrial location.