Media release - 9th February, 2016
With the sharemarket in free-fall, a commercial real estate in-room auction, to be held on Sydney’s Northern Beaches in late February, is shaping up as the place to be for investors, self-managed superfunds and businesses looking to recession-proof their finances in 2016.
The auction will be held in-rooms on Thursday 25 February at the Raine & Horne Auction Rooms, Level 1, 685 Pittwater Road, Dee Why.
“We also expect developers to take a keen interest in two of the quality commercial assets that will go under the hammer at the auction,” said selling agent, Vincent West, Co-Principal of Raine & Horne Commercial Northern Beaches.
The first asset is a fully-occupied 840 square metre GLA freehold retail investment located at 20 Howard Avenue, Dee Why, which is generating a net income of $214,844 per annum.
“This property has plenty of development potential as a consequence of its location in the Dee Why town centre,” said Mr West.
“It’s also perfect for astute investors as it has 5 long-term tenants and comes with the potential for future capital growth.”
Dee Why is undergoing a massive transformation and this has accelerated rapidly with the introduction of the Town Centre Master Plan.
“This landmark building is within the growing retail and commercial precinct, which will continue to benefit from the Dee Why’s transformation, and its close proximity to high profile residential developments, beautiful beaches and public transport.”
A rare freestanding warehouse at 390-392 Pittwater Road, North Manly will also go under the hammer at the mega-auction. This sought-after property comes with 722 square metres of warehouse and showroom plus an additional mezzanine of 307sqm, and was previously home to a Mitre 10.
“This property, which is currently vacant, will suit businesses looking for a freestanding showroom or warehouse with unbeatable exposure to busy Pittwater Road,” said Mr West.
“It’s a rare opportunity to secure a rare open showroom or warehouse that offers a large secure hard stand yard and abundant onsite parking in the Manly area. It’s a prime candidate for an owner-occupier, developer or any savvy investor given readily available tenants for this type of space.”
The third property is a boutique warehouse, which is located at 2/11 Green Street, Brookvale and it is perfect for investors or owner-occupiers, according to Mr West.
The 158 square metre warehouse includes 65 square metres of office space, an additional 30 square metre mezzanine and 2 car spaces, and fronts busy Green Street.
“If you need a secure premises close to Warringah Mall, one of Sydney’s busiest shopping centres, then this one has it all including an alarm, security grills and shutters on all external windows and doors,” said Mr West.
For more information about the in-room auction to be held on 25th February and the three properties, contact Raine & Horne Commercial Northern Beaches on 02 9939 6788.
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