A Centrelink office, waterfront pub and oceanfront homes attract interest
A Centrelink office, waterfront pub and neighbouring oceanfront homes that may make way for apartments are among a diverse range of commercial properties featuring in this week’s most popular realcommercial.com.au listings.
While a rare warehouse find in Melbourne’s Clifton Hill retained the number one spot, listings like the Auburn Centrelink in Sydney’s western suburbs and the Pelican Waters Tavern on the Sunshine Coast quickly generated significant interest.
Investors, owner-occupiers and developers are already circling the Centrelink building given its location, blue-chip lease to the federal government and potential development upside, CBRE agent Robert Dowdy said.
“Auburn’s proximity to the Parramatta CBD, coupled with a lack of quality investment stock for sale, is driving interest from savvy investors and developers in available opportunities, particularly in light of the current low interest rate environment,” Mr Dowdy said.
“We expect local, national and international bidding for 5-9 Macquarie Street, with buyer confidence having clearly improved since last year.”
The Pelican Waters Tavern, a waterfront pub and bistro at Caloundra, also attracted strong interest as one of four trophy pubs that Australia’s largest pub landlord, ALE Property Group, has put on the market.
Burgess Rawson Sydney sales director Michael Gilbert said the properties – Kedron Park Hotel and Edinburgh Castle Hotel in Brisbane’s north, the Morwell Hotel in Victoria’s Latrobe Valley and the Pelican Waters Tavern – represented one of the biggest opportunities to secure prime pubs in recent years.
“Single tenanted pubs on this scale that are on long leases to Australia’s largest pub operator ALH – whose parent company is 85.5% owned by Woolworths – don’t hit the market often,” Mr Gilbert said.
A pair of neighbouring oceanfront homes in Maroubra in Sydney’s eastern suburbs also attracted attention.
Here are the top 10 most-viewed listings in Australia on realcommercial.com.au between 25 February and 3 March.
1. Clifton Hill, VIC: Industrial chic
54 Alexandra Parade, Clifton Hill
The building’s industrial features include exposed beams, steel windows, high ceilings and industrial-style lighting.
The 271sqm property will be auctioned by Morley Commercial on 25 March.
2. Geelong, VIC: Last house on the street
88 Brougham Street, Geelong
The last remaining house on Brougham Street in the Geelong CBD has been listed for sale as a rare development opportunity.
The weatherboard period home occupies a waterfront site with an uninterrupted northern aspect over Corio Bay.
Darcy Jarman, Newtown listing agent Tim Darcy said the property had become available for the first time in more than 100 years as part of a deceased estate.
3. Auburn, NSW: Centrelink office
5-9 Macquarie Road, Auburn
The refurbished, single-level Centrelink office occupies a 1870sqm site in Auburn is leased to the federal government until December 2026 with two, three-year options and provides a passing income of $351,338 per annum.
CBRE’s Mr Dowdy said the mixed-use zoning allowed for the construction of a 10-level building, subject to council planning approvals.
He said the development potential and the site’s location, 6km from the Parramatta CBD in the busy commercial enterprise hub of Auburn, were expected to help drive interest in the building.
4. Townsville, QLD: Car showroom
515-593 Sturt Street, Townsville
The 7590sqm property in the heart of Townsville has been home to the Townsville Nissan dealership since 1970.
The current lease runs until 2024 and there are four further five-year options.
Expressions of interest close on 17 March through Ray White Commercial – Gold Coast.
5. Maroubra, NSW: Waterfront homes
116 & 118 Marine Parade, Maroubra
Belle Property Randwick is offering these two neighbouring oceanfront homes separately or in one line.
The homes, both on identical 613sqm parcels of land, offer stunning ocean views.
They are expected to be knocked down, either to be rebuilt as oceanfront dream homes or redeveloped as a boutique beachside luxury apartment complex.
6. Box Hill North, VIC: Entry-level retail
772A Station Street, Box Hill North
This entry-level retail investment opportunity, currently home to a foot massage business, is for sale for the first time in 25 years.
CBRE agents said the tightly-held Station Street location, not far from the Box Hill hospital and shopping centre, would suit an owner-occupier for a variety of retail, office or medical uses or an investor.
The property, which features two on-title car parks, will be auctioned on 26 March.
7. Newstead, QLD: City-fringe investment
30 Ross Street, Newstead
This 405sqm property with eight car spaces in the inner Brisbane suburb of Newstead has two established tenants in place with further lease options.
Agents at Dugan & Co Property – Newstead said the freestanding investment returns about $110,000 per annum (plus GST).
The property, which has dual street access and frontage, is being sold via an expressions of interest campaign that closes on 18 March.
8. Pelican Waters, QLD: Trophy waterfront pub
38 Pelican Waters Blvd, Pelican Waters
The Pelican Waters Tavern has a triple net lease to ALH, meaning the tenant is responsible for all outgoings and repairs (except for land tax being in Queensland), that runs until 2028 with further options until 2068.
The 8695sqm waterfront property returns a net income of $448,856 per annum (plus GST),
It will be auctioned along with three other pubs by Burgess Rawson on 31 March.
9. Melbourne, VIC: CBD corner freehold
362-364 Little Bourke Street, Melbourne
The five-storey Campton House in the Melbourne CBD is on the market for the first time in 28 years.
The property is anchored by a well-established ground floor hospitality operator – the +39 Pizzeria – on a 10-year lease, while the New York-style upper levels offer office and residential space.
Agents Colliers and MMJ Real Estate are offering the 1302sqm freehold for sale by international expressions of interest closing on 1 April.
10. Smithfield, NSW: Warehouse and land
4 Sammut Street, Smithfield
The freestanding industrial warehouse and land in western Sydney is leased to a national tenant until December 2024.
The property features 1683sqm of land including a renovated warehouse and office covering 1135sqm.
The selling agents BV Property Group, Parramatta, said it was expected to be a highly sought-after property.