Substantial investment opportunity in Newcastle hits the market

Former Electric Lamp Manufacturers of Australia site hits the market for the first time in 25 years.

The former Electric Lamp Manufacturers’ site was transformed into a business centre some years after its last purchase and includes businesses from mixed commercial, light industrial, and trade retail asset markets, spanning an impressive 2.82 hectares.

The large-scale portfolio is an investment opportunity rarely seen in this market with 26 long-term leases in place at a secure gross income of over two million dollars per annum.

Strategically situated close to Newcastle CBD and offering convenient access from neighboring areas such as Hamilton, Mayfield, Waratah, and Lambton, 54 Clyde Street stands out as a lucrative investment option with significant potential for further refurbishment and rental growth.

Key highlights of this remarkable property include:

• A sprawling 2.81-hectare site with a substantial 2.11-hectare building area.
• A secure gross income of $2,148,698.97 per annum plus GST
• Occupied by 26 diverse tenants, providing a stable and varied income stream.
• Over 200 car spaces, ensuring ample parking for tenants and visitors alike.
• Future development potential (STCA) coupled with strong holding income, making it an attractive long-term investment opportunity.

“This property represents a rare opportunity for investors seeking a substantial commercial asset with significant upside potential,” said Byrne Tran, Partner & Head of Sales and Leasing at Commercial Collective.  “With its prime location, diverse tenant mix, and potential for further development or repurposing, this property offers a unique proposition for astute investors.” Said Brad Crouch, Associate Director of Commercial Collective.

Expressions of Interest are invited from qualified buyers, with submissions closing on Thursday, March 21, 2024, at 12:00 PM.