PROPERT Y REPORT
9% net return for Wyoming gym
Aussie ex-pat buys at West Gosford
Caption A SYDNEY INVESTOR has paid $2,915,000 (GST not applicable) for a property at 8 Brooks Avenue, Wyoming providing a net return of 9% per annum. The property is leased to well established gym chain, Anytime Fitness on a 5 + 5 + 5 year lease for a net rental of $279,677 per annum plus GST. The property comprises 1,700 sqm gym on the ground floor and Investor buys for blue chip tenant at Erina
associated health club facilities with additional 1st floor area of 600 sqm on a 3,155 sqm lot with onsite parking and exposure to Pacific Highway. The sale was negotiated by Brad Rogers from L J Hooker Commercial Central Coast in conjunction with Dean Venturato from Sydney agents, Burgess Rawson.
Graham McMullen from Argyle Estates Business Brokers negotiated the sale of the property following the sale of the business to Beautopia owners Andrew and Liza Lyons in February 2014.
An Australian ex-pat looking to establish a business on the Central Coast has purchased a freehold complex of 6 industrial units at 2 Comserv Close, West Gosford. The property comprises a 1,572 sqm brick construction and metal roof building on a 4,012 sqm block. Price paid was $1,567,500 including GST. It last traded in 2004 for $1,250,000 according to RP Data. It was bought with vacant possession and will be completely refurbished. Richard Ellis from Raine & Horne Commercial, who negotiated the sale in conjunction with Katy Gregory from Landin Realty, said that the buyer has recognised the Central Coast as ‘on the move’ and sees potential establishing a business here.
Wyong has the best DA processing times in the Outer Sydney Region A local investor has purchased Unit 3, in The Erina Centre, 202 The Entrance Road, Erina for a blue chip tenant who will relocate their business within the Erina market. Price paid for the 115 sqm unit was $450,000 (GST not applicable) Brad Rogers and Bernie Nash from L J Hooker Commercial Central Coast negotiated the sale. Hair and beauty products supplier buys Tuggerah premises Beautopia Hair and Beauty Pty Limited, distributors of Vivorah, hair, beauty, tanning and manicure supplies has purchased the warehouse from which they operate being Unit 11, 22 Reliance Drive, Tuggerah Business Park. Price paid for the approximately 500 sqm unit was $580,000 (GST not applicable).
Wyong Council has the quickest turnaround time for development applications when compared to similar Group 7 Councils and the second quickest of all Councils in the Sydney Region according to a recent report. Wyong remained in the top ten councils in the state with the highest number of DA determined out of Group 7 councils at 1561. Council’s average time to determine DAs under $1 million was 38 days – according to the latest Local Government Performance Monitoring Report for 2013-14. The average of the rest of the Councils grouped with Wyong – Gosford, Hornsby, Blue Mountains, Liverpool, The Hills, Penrith and Campbelltown was 82.85 days. Council’s Mayor, Doug Eaton, said the result was a direct result of Council’s reforms and the significant efforts of the planning team. “In the past year we have implemented new measures to improve DA processing
times and now we are one of the best in the Sydney region. We achieved the fastest DA determination times with the second least amount of staff. It is truly a great result and a credit to our staff who at the same time are handling more DAs than ever. “ Overall development activity increased by 12% and the value of locally approved developments was $24.25 billion creating around 500 local jobs. This year is shaping up to be even bigger than ever with number of key developments approved by Council in recent months. “November last year was a record for us in terms of monetary value with over $300 million of development applications received which will deliver around 80 jobs. “This is no accident – this is a direct result of our plans and policies over the last few years to revitalise our Shire, attract investment and create jobs,” concluded Mayor Eaton. CENTRAL COAST BUSINESS REVIEW APRIL 2015
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