An Illawarra government site is set to go under the hammer this month.
Commercial agency Burgess Rawson’s September Portfolio Auction on September 11 will include a commercial property at Unanderra.
The 16,635sqm site at 242 Nolan Street is home to a government tenanted commercial building on a five-year lease to 2021, including options to 2031.
Burgess Rawson selling agent Michael Gilbert said the Unanderra site would be a strong commercial property addition to an investor’s portfolio.
“Wollongong is experiencing massive population growth – its current population tops 210,000 people and this is set to increase by more than 19 per cent by 2036,” Mr Gilbert said.
“What’s most unique about this property is that it is home to very expensive infrastructure – a rare Heavy Vehicle Inspection facility, which is something essentially for the road haulage traffic associated with Port Kembla, as well as a motorcycle proficiency testing area, similar to a small race track.”
The Roads and Maritime Services NSW Government site currently produces a net income of $237,747pa plus GST, with three per cent annual rent increases in place, as well as the tenant agreeing to pay all outgoings as per the lease.