In-room auction success to drive Northern Beaches commercial property sales

Media release - 12th April, 2016

Sydney’s Northern Beaches are preparing for another round of a commercial assets to hit the market at an in-room auction event, to be held by Raine & Horne Commercial Northern Beaches on Thursday 28 April, 2016.

Hosted at the Raine & Horne Auction Rooms, Level 1, 685 Pittwater Road, Dee Why, the event is expected to attract investors, occupiers and developers, who are busily snapping up prime commercial assets in the region.

“Following the success of our last in-rooms auction in February, where we sold three commercial properties for over $12.5 million, we’re expecting similar interest levels and a good turnout for the event on 28 April, with twice as many properties available this time,” said Vincent West, Co-Principal of Raine & Horne Commercial Northern Beaches.

Of the six properties to go under the hammer on the day, the first asset is a freehold retail commercial investment opportunity in the heart of Dee Why, at 687 Pittwater Road.

“This property has ground floor retail plus 9 suites on the first floor, and is within the growing Dee Why retail and commercial area which is continuing to benefit from the development and close proximity of several high profile residential developments,” said Mr West.

“In a market with a very limited supply of freehold investments with multiple tenants, this is an excellent opportunity for astute investors to secure an asset of this kind.”

Meanwhile, Shop 1/7 Bungan Street, Mona Vale – a retail investment opportunity with a secure three year lease – will also go under the hammer at the mega-auction.
 
“This is a highly sought-after and prominent corner shop in a prime location in the prestigious retail strip of Mona Vale, in arguable Mona Vale’s busiest pedestrian arcade,” said Mr West.
 
“This makes it a great opportunity for wise investors, especially considering the current three year lease to tenants Pressed Juices.”
 
A third property is the freestanding retail premises at 1C Ponderosa Parade, Warriewood.
 
Situated at the main gateway to Warriewood Valley’s expanding residential precinct, Mr West says the property is an exciting commercial opportunity.
 
“Strategically located at the corner of Mona Vale Road and Ponderosa Parade, the site has great exposure with thousands of passing commuters and shoppers in and around this retail precinct daily,” said Mr West.
 
“There’s also the benefit of the holding income, with the property currently tenanted to Blockbuster until September, or the prospect of occupying in the future.”
 
The action doesn’t stop there though, with three other properties to feature at the in-room auction, notes Mr West.
 
“We’ll also be presenting 500 Warringah Road, Frenchs Forest, a rare 1,785sqm block of land with development opportunities, located in the same block as the Northern Beaches Hospital which is due to open in 2018.
“Given the media exposure Frenchs Forest has had of late, with developers swooping on opportunities, we expect a strong turnout for this property alone.”
 
In addition, a modern corner position warehouse at 34/49-51 Mitchell Road, Brookvale, will also go under the hammer.
 
Featuring a building area of 212 square metres, made up of 99sqm of warehouse and 113sqm of office space, the property will suit businesses seeking a foothold in the Brookvale industrial precinct.
 
“Rounding out the auction evening, we’ll have 51 Arthur Street, Forestville – a freehold retail investment with 100% occupancy featuring 6 individual occupied shops,” noted Mr West.
 
For more information about any of the six properties at the in-room auction to be held on 28 April, contact Raine & Horne Commercial Northern Beaches on 02 9939 6788.

–ENDS–

For further media information contact:

Vincent West, Principal, Raine & Horne Commercial Northern Beaches on 0403 444 000

Andrew Harrington, National Communications Manager, Raine & Horne on 02 9258 5400

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