Super $3.8 million sale signals bounce for Central Coast commercial market
Media release - 19th July, 2013
Central Coast commercial property in the sights of SMSFs
In a major show of strength for the commercial property market on the NSW Central Coast, a multi-tenanted commercial freehold investment property at 310 The Entrance Road, Erina settled recently for $3.8 million.
The property known as the Lifestyle Building, which is home to tenants such as Anytime Fitness and Nikki Webster Dance Studio, generates a net annual income of approximately $420,000 – a yield of more than 11%.
“The sale to an undisclosed Sydney investor is a strong indicator that Self-Managed Super Funds (SMSFs) are buying into the commercial markets on the Central Coast,” said selling agent Richard Ellis, from Raine & Horne Commercial Erina.
“The move to DIY super is also a sign that more investors are growing tired of receiving yearly statements from their super funds that mostly show plummeting balances.
“As a consequence, more investors are choosing to buy into commercial property with their own super fund to build long-term wealth.”
While Mr Ellis concedes that yields are becoming tighter, SMSFs can still acquire cash positive investments such as the Lifestyle Building.
“Lifestyle was purchased by Sydney investors looking for long-term security of income and a strong tenant mix,” said Mr Ellis, who confirmed Bindari Pty Limited as the vendor.
“The property provides exactly this combination, with just one 88 sqm vacancy out of approximately 2,860 square metres of net lettable area across 17 possible tenancies.
“The Lifestyle Building has an excellent range of tenants that complement each other including Anytime Fitness, Nikki Webster Dance Studio, The Beach Pre School and a yoga studio to name a few,” he added.
The Lifestyle Building is a fully refurbished freehold property with additional development upside, with a complimentary tenant mix all revolving around servicing lifestyle choice options, as the building’s name suggests.
For further media information contact:
Richard Ellis, Raine & Horne Commercial Erina on 0416 072 444
Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400