Tenanted Belmont freehold Building Sold for $1.7 Million
A newly constructed freehold building with a long term national tenant at Belmont in Newcastle has been sold for $1.7 million by Ray White Commercial Newcastle in conjunction with Burgess Rawson (Sydney).
The property at 438 Pacific Highway, Belmont was sold prior to auction to a private investor by Ray White Commercial Newcastle’s John Parnham and Burgess Rawson’s Kieran Bourke and Darren Beehag for an eight per cent yield.
John Parnham said the building constructed by respected Hunter Valley building company WA Brown Building Pty Ltd is leased by fast growing 24/7 fitness operation Anytime Fitness.
“Anytime Fitness has a 10 year lease on the building which commenced in February 2015,” he said.
“They also have options to lease the building until February 2035. The property is currently generating net rental income of approximately $146,000 per annum.”
Mr Bourke said the brand new architecturally designed building offers a floor area of approximately 450 sqm with a state of the art tenant fit out.
“The building is on a 901 sqm site and in a dominant location enjoying huge exposure to the Pacific Highway,” he said.
Mr Beehag said Belmont is a popular location situated between the beaches and foreshore of beautiful Lake Macquarie.
“Belmont is a major service centre for more than 50,000 residents on the east side of Lake Macquarie and offers a diverse range of retail, financial, government and professional services,” he said.