In a strategic move that marks a significant milestone for the automotive industry on the Mid-North Coast of NSW, a leading tyre retailer has invested $4.01 million to secure a sought after commercial site at 183 Hastings River Drive, Port Macquarie.
According to selling agent Luke Horton, Director of Raine & Horne Commercial Port Macquarie, the acquisition sets new regional pricing benchmarks. It reflects the growing demand for automotive-related spaces in the tightly held Hastings River Drive precinct.
“Located in the sought-after prime Hastings River Drive area, the newly acquired property is opposite the established Harvey Norman Retail Centre and adjoins Toyota/Lexus Motor dealerships and a marine dealership,” Mr Horton confirmed.
“Additionally, an Aldi Supermarket and an ARB superstore are nearby, making it a hub for automotive businesses and large format retail users.”
Mr Horton explained the unique circumstances that led to this opportunity: “This was a site that only became available due to a changing vendor situation.
“It was of one of the last available sites in this established strip of commercial land with many inter-generational longer established businesses situated here and opportunities to secure sites very limited.
“The adjoining owners quickly recognised the strategic long term value of the site for expandability. The lease in place also provides excellent passing income, and so the property appealed to investors and potential owner occupiers who could collect a substantial rent while organising plans for development.”
Prime tenant and valuable property features
The current tenant, RV Central Caravans, has been in occupancy since 1 October 2016, with a lease set to expire on 31 October 2024. The current rental is $197,924 per annum plus GST, with the lessee responsible for 100% of the outgoings, including council rates, building insurance, water, and land tax.
RV Central Caravans currently use the property as a display yard with a workshop and sales office.
Mr Horton said the prime site also offers a sizeable hot mix sealed area and wide 51-metre frontage onto the high-exposure Hastings River Drive. The property also benefits from drive-through rear access.
Leading tyre retailer’s bold move signals industry growth and demand
Mr Horton emphasised the significance of this sale, stating, “The purchaser, in the tyre retailing business has been actively looking for over two years to find the right site in Port Macquarie, and they virtually purchased it sight unseen.”
Mr Horton added that there was significant demand for the property, with seven interested parties, all within the automotive industry. “All buyers recognised the immense value of this site for future growth and were willing to pay above market value to secure it.”
For all your commercial property sales, leasing, and property management needs, contact Raine & Horne Commercial Port Macquarie on 02 6584 0544.