THE sale of a major commercial space in Bathurst has hinted at the confidence investors have in the thriving regional centre.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
In the past 12 months, Burgess Rawson has facilitated more than $12.5 million worth of commercial property transactions in the Central Tablelands and Riverina regions.
A recent transaction was the purchase of a fast food and retail asset on Durham Street, which encompasses Pizza Hut, Johnny Bean Good and Burgess Rawson's Bathurst office.
READ ALSO: Pizza Hut swoops in on Eagle Boys
Burgess Rawson selling agent Tom Doran said the site, which was listed in January, was due to go to auction on February 21, but was sold to a Sydney investor the day prior.
It went for for an impressive $1.85 million on an 8.54 per cent yield.
Mr Doran said that Bathurst was appealing to investors given its close proximity to Sydney, it's prices and projected population growth.
With this particular property, the investor was also attracted by the stable tenants, access to parking and the fact the site needs little work.
"It is pretty 'set and forget' because it was only constructed 15 years ago," Mr Doran said.
In general, investors have an interest in commercial property in the food and beverage sector as they are "future-proofed" and unlikely to be impacted by the growth of online retail.
While Sydney investors are interested in Bathurst, Mr Doran said locals were also in the market for commercial property.
"We sold a shopping centre at Kelso last year. That is obviously local money that we are seeing invested in the region. There is local money and Sydney money being invested," he said.
READ MORE: Kelso Centrepoint has new owner
Burgess Rawson is also securing tenants for The Gateway, a new commercial development at Kelso.
There has been strong interest in The Gateway, which can house a range of businesses due to its zoning, such as fast food outlets, childcare, motels and light industry.
Most of stage one of this project has been sold and stage two, offering five additional lots, is expected to be released in a couple of months.
Burgess Rawson managing director Guy Randell said people could start to see businesses in stage one of the development open in the the fourth quarter of 2019.
The Gateway is a strategic development, given it is at the eastern entrance to Bathurst and in an area with fewer businesses.
"There is a lot of residential development happening and this is going to support that," Mr Randell said.
