Charlestown Office Suites Sold for $5.25million
Strata office suites including four with tenants in a prominent building at Charlestown in Newcastle have been sold prior to auction for $5.25 million.
The 14 commercial strata units at 250 Pacific Highway, Charlestown, were sold by Ray White Commercial Newcastle Agent John Parnham on behalf of a mortgagee.
John Parnham said the property had attracted interest from individual suite buyers but ultimately the vendors elected to accept an offer prior to auction that meant selling all the available suites in one line.
“The property was sold as a going concern to local investors and the sale price represented a yield of approximately 7.5 per cent of the passing income,” he said.
“It was appealing for investors as there were already four securely leased suites generating annual rental of $380,000 per annum.”
John Parnham said six vacant suites on levels two and four of the five-storey building are now available for lease.
“These suites range in size from 69 sqm to 387 sqm and all are individually air-conditioned with private bathroom and kitchenette facilities,” he said.
John Parnham said the building was located at the top of the Charlestown CBD and was only a short walk from GPT’s Charlestown Square and Hilltop Plaza.
“This building was only constructed in 2009 and consists of a basement level car park and four floors of quality strata offices opening onto a central atrium and waterfall feature,” he said.
“The building is serviced by a state-of-the-art lift and some suites offer private balconies and a number of suites feature district and ocean views.”