Raine & Horne Commercial, is thrilled to announce a unique auction event this August in Wollongong, one of NSW’s premier regional commercial hubs on the South Coast.

Mr Chris Nicholl, General Manager, Raine & Horne Commercial, said, “The auction in Wollongong marks the first time we have focused our successful Auction Event series on a specific market, Wollongong.

“Over the past eight months, since we launched these events[i], we have sold over $100 million worth of commercial property across Australia on behalf of our vendors.

“The Wollongong auction will showcase five exclusive commercial properties, including some with high-quality investment property.

“This event underscores the robust nature and strength of the commercial property market in one of NSW’s largest regional CBDs, as well as the growing reach of Raine & Horne Commercial in major regional hubs.”

Mr Mathew Ivanoff, Principal of Raine & Horne Commercial Wollongong, noted that in the months leading up to the end of the 2023/24 financial year, the South Coast commercial property markets experienced a surge in activity, as if a switch had been flicked.

“The industrial sector led the way, but retail and office spaces also garnered significant buyer and investor interest,” Mr Ivanoff said.

Local small businesses looking to expand are driving the buying and leasing surge, along with many buyers relocating their businesses from the Campbelltown Basin. “Business owners are moving to the South Coast for lifestyle reasons and are either buying or leasing local properties,” added Mr Ivanoff.

“We are also seeing an increase in investors, which has promoted these five quality properties to go to auction.”

The auction will occur on Thursday, 15 August 2024, at Sage Hotel, Harbour Street Wollongong, starting at 6:00 PM.

Featured properties at Auction Event

1. 101 Swan Street, Wollongong[ii]

This mixed-use property listed by Ms Lynda Burnside from Raine & Horne Commercial Wollongong features a floor area of 355 sqm and a land area of 701.9 sqm, along with five car spaces. It includes two warehouse/showroom spaces with quality long-term tenants. The front showroom/warehouse, of approximately 208 sqm, is leased to local party hire business Balloon Expressions and includes an internal bathroom and two small offices. The rear warehouse, of approximately 147 sqm, is leased to marketing firm Teel Studios and includes full amenities, a common area bathroom, and some storage.

The combined net return for this property is $52,659 per annum, excluding GST. It is zoned E4 General Industrial with a land size of 790 sqm. Mr Ivanoff said, “There is potential to consolidate this site with the adjacent 99 Swan Street for a total site area of 1,580 sqm.”

1. 99 Swan Street, Wollongong[iii]

This CBD showroom/warehouse also listed by Ms Burnside features a floor area of 393 sqm and a land area of 727.2 sqm, with parking spaces for eight cars. It is currently leased to a quality tenant, Meals On Wheels, on a 3-year lease until May 2027, generating a net return of $45,403 per annum, excluding GST. The building includes a roller door and glass entry doors and is zoned General Industrial. There is also an opportunity to consolidate this property with 101 Swan Street if required.

1. 232 Corrimal Street, Wollongong[iv]

Leased to high-calibre tenant Beaumont Tiles, this property listed by Ms Burnside features a floor area of 370 sqm and a land area of 647 sqm with six car spaces. The lease commenced in August 2022 with 5 + 5 + 5 years terms. The property includes an air-conditioned showroom and warehouse of approximately 370 sqm, a small warehouse to the rear, and right-of-way access from Swan Street. It generates a current net return of $54,336 annually, excluding GST. The site offers excellent exposure to heavy traffic on Corrimal Street.

1. 23 Finlayson Street, Wollongong[v]

This property, located just off Auburn Street, features a floor area of 119 sqm and a land area of 663.9 sqm. Listed by Ms Burnside, it presents an excellent opportunity for redevelopment as the existing house is a knockdown. Zoned E3 Productivity Support, this parcel of approximately 663.9 sqm is ideal for building a warehouse or office accommodation, offering flexibility to meet various business needs.

5. 12 Frederick Street, Wollongong[vi]

With a price guide of [insert number], this CBD fringe block of flats, listed by sales agent Mr Dan Hall of Raine & Horne Commercial Wollongong, features 4 x 2-bedroom flats and 1 x 1-bedroom flat, situated in a cul-de-sac location. The property is conveniently located near TAFE, a free Wollongong shuttle stop, a hospital, and shops. It boasts well-maintained common grounds and a proven long-term rental history. Investors have the option to strata title the flats in the future, allowing for individual unit sales or shared investment among family members. The property is zoned R1, with a land size of approximately 694 sqm.

Unique investment opportunity in long-held Wollongong properties

These five quality properties, which their current owners have held for many years, present a unique opportunity for investors, according to Mr Ivanoff.

“Each property offers unique features and ample space, making them ideal for various business needs,” said Mr Ivanoff.

“The five properties have all been held for many years, and the owners are opting to sell at this time as part of rebalancing their portfolios. The auction promises to be an exciting event for potential buyers looking for prime commercial real estate in Wollongong.”

Auction Event Details

• Date: Thursday, 15 August 2024
• Time: 6:00 PM
• Location: Sage Hotel Wollongong, 23 Finlayson Street, Wollongong

For more information about the Auction Event, the five properties, or to arrange an inspection, please contact Raine & Horne Commercial Wollongong on 02 4224 4600.

[i] https://www.rhcommercial.com.au/news/commercial-business/national-auction-event-yields-combined-commercial-property-sales-of-over-40-million

[ii] https://www.rhcommercial.com.au/wollongong/properties/101-swan-street-wollongong-2500-new-south-wales

[iii] https://www.rhcommercial.com.au/wollongong/properties/99-swan-street-wollongong-2500-new-south-wales

[iv] https://www.rhcommercial.com.au/wollongong/properties/232-corrimal-street-wollongong-2500-new-south-wales

[v] https://www.rhcommercial.com.au/wollongong/properties/23-finlayson-street-wollongong-2500-new-south-wales

[vi] https://www.rhcommercial.com.au/wollongong/properties/12-frederick-street-wollongong-2500-new-south-wales-L27142598