New Hands At The Helm

Newcastle Herald

Saturday October 27, 2007

By SARAH-KATE SCICLUNA

LAKE Macquarie businessman John Wood has paid $4.3 million for Marks Point Marina.

Colliers International selling agent Peter Dodds said the former Hydramatic Engineering owner would be the marina's new owner/operator.

The 51-berth marina sold a week after expressions closed on October 5.

One of three private marinas on Lake Macquarie, it was sold as a deceased estate following the death of Lake Macquarie boating identity Gil Finlay by his brother and executor Bruce Finlay.

Colliers colleague Tony Marshall has also sold a multi-tenanted commercial building in Mayfield for about $3.7 million, on a strong yield of more than 9.6 per cent.

Mr Marshall said the buyer was a Gold Coast family investment group that had "had its eyes on the Newcastle market for some time".

At 117-121 Maitland Road and leased to QBE Insurance, AMP and Mission Australia, the site passed in at auction last month with no bids.

Prime Mayfield sites

THREE parcels of Mayfield land housing a former car yard, former Touch of Glass showroom and a cottage are expected to fetch more than $4 million at auction on December 7.

Being sold as a mortgagee in possession property by Colliers International for Provident Capital, its site area is 5476 square metres.

The former Mitsubishi car yard site, at 77-81 Maitland Road and on 4618 square metres, has a 305-square metre showroom, let to Hard Yakka for $91,650 a year plus outgoings and GST.

It also has two warehouses with a combined area of 2685 square metres and first-floor offices and amenities totalling 355 square metres.

The 611-square metre former Touch of Glass site, at 83 Maitland Road, has amenities, showroom, office and warehouse space totalling 390 square metres.

The two-bedroom weatherboard and iron cottage, at 7 Hewson Street, is on 246 square metres.

Listing agent Peter Dodds said the site, zoned 3(b) district centre, was vacant except for the leased showroom.

Highway at front gate

INDUSTRIAL land housing The Pine Professionals at Heatherbrae will go to auction on November 22.

At 2222 Pacific Highway and next to Lee Rowan's Garden World, the level 0.88 hectares is zoned 4(a) industrial. It has 227 square metres of showroom and office space, a 142-square metre workshop and a three-bedroom caretaker's cottage. It will be sold with vacant possession.

Co-owner Gus Lapinskas said the business would downsize and relocate following a sale.

He expects it to fetch between $960,000 and $1.2 million when it is auctioned on site at 11am.

Approved for apartments

A CBD office block thought to be the city's first drive-through bank will go to auction on November 7 with Raine and Horne Newcastle Commercial.

On the corner of Scott and Bolton streets, Newcastle, and being sold with vacant possession by a Sydney syndicate, the tri-level building has approval to be converted into a seven-storey apartment complex.

The ground floor has car parking for eight cars. Listing agent Rick Gittins expects bidding above $900,000.

© 2007 Newcastle Herald

Back to News Index | Back to Home