Rare large scale Central Coast warehouse and office sells for $9m
Developer Living Developments will renovate and upgrade a newly acquired Central Coast warehouse and office facility, capitalising on the strong leasing demand across the region.
The development group recently settled the $9 million purchase of the Berkeley Vale asset from multinational telecommunications specialist CommScope.
CommScope sought interest from both purchasers and tenants for the asset at 2 Hereford Street, with agent Ty Blanch of LJ Hooker Commercial Central Coast, whom managed the Expressions of Interest campaign, saying interest came from both landlords and operators.
Comprising 5,635sqm of industrial and 3,111sqm of office space, 198 car spaces and extensive hardstand area across a total 2.15ha, the three-street frontage site offered exceptional exposure to traffic.
“Large-scale assets of this size haven’t been coming to market in large volumes on the Central Coast,” said Mr Blanch.
“The scale and features of the property, combined with the ability to access the M1 in only two minutes’ time, generated interest from operators across the warehouse, logistics, manufacturing and food preparation sectors.”
The sale represented $1,029psm over the office, factory and warehouse space.
The site was originally developed in 1984. It was the headquarters for telecommunication tower specialists Krone before the company was absorbed into multinational CommScope.
Mr Blanch said the Central Coast’s industrial market had performed strongly over the last five to seven years.
“Some industrial assets have doubled in value over that period due to New South Wales’ strong economy and the ability of on-the-ground businesses to service the Northern Sydney and Newcastle markets quickly and efficiently,” said Mr Blanch.
“It took a long-time for the office market to absorb a run of new additions across the Central Coast in the last year, but vacancy rates have now tightened and there’s demand for quality stock.
“Being such a large site with capacity for multiple tenancies under a single roof, Living Developments intend to renovate and lease the buildings for passive investment.”
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