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Newcastle Warehouse Sold for $2.675 Million

NEWCASTLE WAREHOUSE SOLD FOR $2.675
MILLION

A
tenanted industrial warehouse in the Newcastle suburb of Mayfield West has been
sold by Ray White Commercial Newcastle for $2.675 million.

The
property at 3 Metal Pit Drive, Mayfield West, was marketed and sold by Ray
White Commercial Newcastle Principal John Parnham.

John
Parnham said the warehouse, which has workplace safety equipment supplier
Protector Alsafe as a long term tenant, was purchased post-auction by a
consortium of local investors.

John
Parnham said there were 14 enquiries during the marketing campaign for the
property, which is located in the Steel River Industrial Estate just 10 minutes
from the Newcastle CBD and 15 minutes from the airport.

“The
property was taken to auction at the Crowne Plaza in Newcastle,” John
Parnham said.

“While
five prospects displayed genuine interest in acquiring this property, there
were only two recorded bids at the auction and the property was passed in
at $2.5 million.

“But
within an hour it was sold to the highest bidder for $2.675 million.”

John Parnham said the sale price reflected a net
yield of 8.44 per cent.

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