Newcastle council buys another asset
The City of Newcastle has snapped up another investment, this time at Sandgate.
Coincidentally, the local government owned the 8.64 hectare E4 General Industrial zoned property, 4 Rural Drive, before 1997.
It was later held by Newcastle Markets Limited.
Maas bought it in 2022, for $23.45m.
With two warehouses containing a total 12,173 square metres, it was re-offered fully leased, returning $1.28m per annum.
A community titled subdivision registration is in place for 34 approved strata units – adding 6376 sqm.
City of Newcastle outlaid $38.7m.
Commercial Collective’s Jared Harris and Byrne Tran were the agents.
Council builds book
City of Newcastle is building its real estate portfolio for revenue to tip into community projects and infrastructure.
The deal comes five months since council paid Barwon Investment Partners $12.55m for 21-23 Denison Street, Wollongong.
Not long earlier, it bought a Bunnings investment at Taree from Charter Hall – spending $28.15m.
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