Off-Market Sale of Local Portfolio
Newcastle West, NSW, May 2023 – Large local portfolio sells to local private investor for $33.4m
Partner and Capital Markets expert, Matt Kearney of Commercial Collective and Kenny Duncanson of CBRE are pleased to have brokered the off-market sale of 117 Bull Street, Newcastle West on behalf of Cromwell Property Group for $33.4 million.
The purchaser, a local private investor, stated that the property has great opportunities, including the government income from the current NSW Department of Education tenancy that is guaranteed until 2028. A key element to the sale is the asset’s longer term development potential, as it is comprised of an entire city block. It’s location at the heart of Newcastle, with proximity to Marketown Shopping Centre and the ever-evolving West End precinct add to the future potential of the investment.
Commercial Collective is committed to matching our local buyers to local opportunities. The value of non-core assets within institutional portfolios is often easy to determine for local investors and Commercial Collective are dedicated to expanding the investment opportunities for the benefit of the community and their clients, long term.
Contact Matt Kearney from Commercial Collective for further information on this sale.