Lithgow's multi-use site, home to BWS and Supercheap Auto, was snapped up for $4,080,000 at the Burgess Rawson's Flagship Portfolio Auction of the Year in Sydney on February 27.
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The 2833 square metre commercial asset was securely leased to BWS until 2025 and Supercheap Auto until 2026, with both having options to extend.
According to Burgess Rawson selling agent Dean Venturato, investor confidence in the high-profile tenants was a huge drawing card for the increased interest on the property.
"The tenants are household names and with 260 Supercheap Auto sites and more than 1200 BWS stores trading nationally, the opportunity offered a real assurance to commercial investors," Mr Venturato said.
He said there was an incredible amount of interest in the property received.
"We had over 80 enquiries pre-auction and spirited bidding from numerous hungry investors on auction day," he said.
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Mr Venturato said not only was the tenant profile a major selling point but the location of the site right in the heart of a "bustling commercial hub".
"The site services in excess of 20,000 people and returns an incredible net income of $246,680 per annum plus GST," he said.
The appeal of Lithgow as an investment destination will be tested again in the next Burgess Rawson investment auction to be held on Tuesday, March 31.
The Saint George Bank and Pizza Hut restaurant at 132-134 Main Street will head under the hammer.
We had an incredible amount of interest in the property with over 80 enquiries pre-auction and spirited bidding from numerous hungry investors on auction day.
- Dean Venturato
The building is currently leased to 2022 according to Mr Venturato, and produces a net income of $83,340 per annum and is expected to sell for over $1,300,000.
"It's a great prominent building with a wide frontage, great tenants and likely to be popular among investors," he said.
For more information on this property or other current listings, contact Dean Venturato on 0412 840 222 or via email at dventurato@sydneyburgessrawson.com.au
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