October 12, 2012
A collection of four single-level commercial buildings in Casuarina Beach resort in New South Wales will be offered through an expression of interest ending 1 November.
Owners Hutchinson Builders is seeking to sell off its Mainwaring Village Centre, a commercial complex comprising four single-level modern commercial buildings in the centre of the Casuarina Beach resort in northern New South Wales.
The commercial hub being offered for sale sits at the main entrance of Casuarina, a masterplanned mixed-use project developed by Consolidated Properties on the Tweed Coast. It comprises of houses, apartments, several resorts, sporting fields and a surf training facility.
Appointed marketing agent Colliers International said that Mainwaring was being sold due to a recent realignment of a shareholding. Leonie Smith of Colliers International added that the asset was now surplus to the needs of Hutchinson Builders.
Occupying a 1.145 ha site, Mainwaring offers total gross lettable area of 5,341 sq m. The property is 100% leased at present by fours established tenants with five businesses specialising in food, leisure and services. This provides diversity for investors looking at purchasing the property, said Smith.
Commercial operators in the Mainwaring Village Centre comprise the Mainwaring Rec Club; The Sandbar and Grill, which includes a large conference area; Colliers International, which operates a residential sales office and an accommodation booking office; a Surfing Australia office; and Telstra Services.
"The property offers an investor the opportunity to purchase a fully-leased commercial property with a diverse range of established businesses, which service the local community as well as visitors to the resort, apartments and homes," said Smith.
"It also provides very strong tenant lease covenants, with 94% of leases on terms of more than 12 years and only two years into the term."
"Two further leases have terms of three years and five years, and Telstra is on a 50-year lease which expires in 2054," she added.
With its 2 (e) Residential Tourist zoning, the property provides investors with potential to be further developed. Subject to approval by Tweed Shire Council, the site may be expanded with the addition of low- and medium-density housing and associated tourist facilities.
Smith noted that two new town centres have been planned in the area, creating impetus for significant future growth.
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