Underground hotel soars into top five commercial property listings
Rampant interest in quirky hospitality listings has seen pubs and hotels again among the most-viewed commercial properties in the country.
A significant uptick in commercial property search activity has experts predicting a resurgence in the market after it weathered the early effects of the COVID-19 pandemic.
REA Group chief economist Nerida Conisbee says property searches on Realcommercial have increased dramatically in recent weeks, with some surprising properties leading the way.
“We’re not out of the woods yet but it’s positive that shops are opening again,” Conisbee says.
“When you have a look at housing, typically we see a pick-up in search activity and then a pick-up in enquiry and eventually listings start to increase.”
“There’s a tried and true pathway to recovery, and the fact that commercial property is already in the first stage is particularly good news.”
Conisbee says pubs and hotels have been surprise performers among the ‘most-viewed’ properties, considering many remain closed under coronavirus restrictions.
Here are the top properties by state over the past week.
SA – UNDERGROUND HOTEL A PEARLER
The Comfort Inn at Coober Pedy.
On the market for the first time in more than 30 years, the Coober Pedy’s underground Comfort Inn hotel offers an experience like no other.
Few other hotels globally present the chance to sleep underground, and the future owners will also inherit other associated business opportunities.
The motel features 16 rooms, an Aboriginal art gallery, historic opal room and shop, as well as a cafe, and also has an underground function room, the only one of its kind in Coober Pedy, which can accommodate up to 80 people.
The property has a $2 million price tag.
VIC – ‘SELLING HOUSES’ PUB STAYS AT NUMBER ONE
The Club Hotel at Kaniva in Victoria was given a major makeover.
An appearance on Selling Houses Australia continues to pay dividends for a small Victorian country pub.
The heat generated by the reality TV episode has seen the The Club Hotel at Kaniva become the most-viewed commercial property in the country for the past two weeks.
The property near the Victorian-South Australian border is being sold as a freehold going concern, with the owners hoping to offload the property and the business after a remarkable revamp that included renovated main bar and dining areas, a refreshed facade and a stunning new beer garden.
The pub and its business are on the market for $430,000.
NSW – HUGE SYDNEY CBD OPPORTUNITY
114 Castlereagh Street & 139 Elizabeth Street, 114 Castlereagh Street, Sydney
A rare chance to acquire not one but two large buildings in the heart of Sydney is already striking a chord with prospective investors.
The two properties on the corner of Castlereagh and Elizabeth streets are being sold together, offering 511sqm of prime CBD land and 2818sqm of floorspace in Sydney’s midtown precinct.
With dual street frontages and two titles, agents are spruiking the flexibility on offer to potential purchasers.
The neighbouring buildings are being sold through expressions of interest, which close on June 20.
QLD – STANDALONE BUILDING WITH UPSIDE
The Grange property is in a high-traffic location.
Buyers with an eye for the future are in the mix for this standalone shop and office in Brisbane, which was Queensland’s most-viewed commercial property over the past week.
The building at Grange, north of the city, is currently tenanted to a picture framing business, but with a significant 610sqm block it is being marketed as having major development upside.
With neighbourhood centre zoning and more than 27,500 cars passing the site daily, it could continue has a successful retail site, or be improved further to capitalise on the area’s popularity.
The property is slated for auction on June 5.
TAS – AFFORDABLE INDUSTRIAL ASSET BACK ON TOP
47 Federal Street, North Hobart
The industrial property is attracting interest in Hobart.
After first topping Tasmania’s most-viewed properties several weeks ago, this affordable North Hobart industrial and office asset is again at number one.
Buyers continue to circle industrial assets, and with offers of more than $400,000 being entertained and a tenant already in place, the property just off Brooker Highway is drawing interest for its combination of office and storage space, as well as its accessible price tag.
Marketed as an ideal entry-level investment, it occupies a 267sqm site and is for sale through Devine Property.
NT – SIMPLE SHED A WINNER
The Ciconne industrial property is being marketed as perfect for a growing business.
Industrial assets are enjoying a purple patch in the Northern Territory, claiming seven of the top 10 most-viewed listings over the past week.
And while this one near the heart of Alice Springs might be as simple as a small shed on a large block, it is leading the way in the Territory’s commercial property market.
The steel warehouse spans 180sqm of the 600sqm land parcel in a prominent industrial precinct and includes a toilet, basic and kitchenette.
On the market for $424,000, it is being marketed as a perfect purchase for a growing business or trade to owner-occupy.
WA – LAST CHANCE AT INDUSTRIAL PRECINCT
Time is running out to secure one an industrial unit within one of WA’s most sought-after precincts, with only two of 21 units remaining at a complex at Wangara.
The two available units measure 199sqm and 240sqm at the refurbished complex, and include a sealed warehouse floor, small office, toilets, large roller door entry, three-phase power supply and ample parking.
The units will set you back $300,000 or $319,000 plus GST, with the latter also available for lease at $14,400 per annum, plus outgoings and GST.
ACT – SMALL CANBERRA OFFICE A HIT
103/50 Eastlake Parade, Kingston
The office suite at Kingston in the ACT.
Interest has continued for a tiny Canberra office, which was the ACT’s most-viewed commercial property for the second week running.
The 120sqm office at Kingston, leased to a local legal firm is being offered with a 12-month rent guarantee in order to “secure income and reduce risk”, according to its Realcommercial listing, in a bid to increase its appeal during the current financial downturn.
The property is leased for $69,000 net per annum on a new five-year agreement and includes 3.5% annual rent increases and three car spaces, which are each leased for $3000 plus GST per annum.
