THE Bathurst commercial real estate market is set to be tested again as a prominent property in William Street goes up for sale.
The retail and commercial building at 126 William Street, opposite Bathurst Memorial Entertainment Centre and next to the Eddy Hotel, is being marketed to investors or owner-occupiers.
It comes after 122 George Street, at the intersection with Piper Street, sold under the hammer for $2.37 million recently after it was the subject of an auction bidding war between four parties.
The George Street property, which houses Burson Auto Parts, received more than 50 inquiries and 20 contracts were issued for it before it was sold, according to commercial real estate agency Burgess Rawson.
Burgess Rawson sales executive Sam Horwitz said there was “follow-up from some of these buyers after the sale wanting similar investments”.
The 126 William Street property is being sold by Robert Lowe of Savills Australia in conjunction with Matt Clifton of Raine and Horne Bathurst.
The property comprises a two-storey retail/commercial space which was fully renovated in 2007-2008, according to Mr Clifton.
The ground floor is leased to a restaurant for three years and there is an option to renew, he said, and the first floor commercial offices are vacant.
“The ground floor restaurant pays a total of $45,502 per annum in rent, while the first floor is expected to pay $30,000 per annum in rent,” Mr Clifton said.
The property is being marketed as being in “a growing regional NSW city centre, close to Sydney”.
The first floor is expected to pay $30,000 per annum in rent.
“Bathurst is a robust regional centre with strong economic growth and an estimated gross regional product of $2.2 billion,” the marketing says.
The marketing also highlights the NSW Government’s announcement that it will duplicate the Great Western Highway from the outskirts of Kelso to Raglan.
The property will be sold at auction on August 14 at the Sydney Auction Centre.