From the Illawarra Mercury, 20/02/2015 –
The trend of investors outside the region showing strong interest in Wollongong’s commercial market continues with the impending sale of a well-known building in Market Street.
MMJ Real Estate Wollongong’s Travis Machan said the sale of a six-level commercial office building at 83-85 Market Street had attracted the attention of potential buyers from Sydney and Canberra, and inquiries from Western Australia and Queensland.
“Wollongong is on the radar for out-of-town buyers with the recent significant developments within the city, such as the GPT investment, the Wollongong Mall upgrade and construction of the private hospital,” Mr Machan said.
“Our inquiry base has really shifted over the past 12 months as buyers from Sydney, interstate and abroad discover that Wollongong is on the front foot.”
Mr Machan said marketing for high-interest CBD properties, including 83-85 Market Street, also included China with property websites which translate the property’s description.
The Market Street property, with a net lettable area of 1843 square metres, is partially leased to tenants, including Kells Lawyers.
It has secure undercover parking beneath the office building, and a vacant and sealed site of 590 square metres at 92 Market Street provides an additional 21 car spaces.
Mr Machan said the property would sell through an expressions of interest campaign, with the price range below $10 million.
“Interest has been very strong, as expected, because the market for quality investment properties below $10 million is extremely active,” he said.
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“The property lies within the Wollongong City Centre precinct and enjoys the benefits of walking distance to the amenities in the CBD.
“Investors are attracted to opportunities like this, as there is clear value upside to be gained over time.
“This means that the new owner can upgrade facilities within the building, look at new ways to improve the accommodation for the tenants and therefore improve the performance and efficiency of the building.”
Expressions of interest close on Wednesday, March 18.
In other Wollongong CBD commercial activity, a 1840-square-metre site at 4-10 Auburn Street is on the market for sale for $4.8 million plus GST.
Listed with Mark Marinelli, of WHK Commercial Property in Wollongong, the site, zoned B3 commercial core, is suitable for residential and commercial development.
It contains 907 square metres of warehouse with 180 square metres of retail and office space, and it has 16 car spaces.