Popular Mount Hutton neighbourhood Centre sells
Multi-tenanted investment secures new local owners.
Mount Hutton NSW, December 2023 – 2 Dunkley Parade, Mount Hutton sold at auction on Wednesday 13th December 2023 with 3 active bidders.
The property attracted a range of interested investors for the 1,160sqm site with a net lease area of 700sqm. With a full suite of tenants, the return of $229,756 per annum was an appealing opportunity in a highly visible location in Mount Hutton.
The neighbourhood centre features tenants such as a veterinary clinic, a fish and chip shop and retail shops.
The property achieved a sale price at auction of $3,100,000 with 13 bids coming through to secure the sale.
Jacob Siever, Sales Executive at Commercial Collective, stated “being a local to Lake Macquarie it’s great to see such strong feedback from the market continuing to invest into the area. The campaign sparked strong interest, and the auction result mirrors the compelling opportunities that investors recognise in the Lake Macquarie and Newcastle region”.
“This sale is a testament to the resilience and potential of the Newcastle market, signaling a positive shift in retail opportunities in the region, despite the challenges faced by the retail sector in the years following the Covid pandemic." said Sebastian Kavanagh, Commercial Collective.
The continuing interest from investors in the local Hunter region shows great promise for future growth in the area. Commercial Collective are invested in helping to support the local regional growth through commercial property.