INVESTMENT PROPERTY IS STILL IN DEMAND

There is and has been significant discussion over all media channels regarding the diminishing spending power of investors. This was partly the impetus for the Trustees of the deceased estate at Heatherbrae in NSW for bringing the property to the market sooner rather than later.

Despite the media negativity the market proved it had other ideas for this fully leased investment with a WALE of 3.47.

Returning - $641,853pa + OGs + GST

Land Area - 11,144m2

Building Area - 3,775m2

Tenants - 4

Enquiries - 162

The most impressive number in all of this is the level of enquiry with around 60% coming from our data base. There was a sprinkling of consortium buyers, and a couple of corporates however in the main the buyers were private individuals.

The Openn Negotiation method of sale allowed buyers to continue with their lives, despite wanting to acquire the asset and not being in the Newcastle area at the time. Openn allows buyers, once approved the luxury of competing where ever they have internet access and in this circumstance that meant, Sydney, Newcastle, Seattle, South Africa and the South Coast.

As with all auctions the enquiries narrow to just a few. The (7) registered bidders competed strongly with (96) bids going $830,000 above the reserve.

If you are thinking of selling then please give me a call Steven Dick 0400 000 947