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The commercial property market shows signs of picking up after a Central Coast property sold for an unprecedented amount.
At the end of last week, a multi-tenanted commercial freehold investment property in Erina on the Central Coast of NSW sold for $3.8 million.
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The property, known as the Lifestyle Building, which is home to tenants such as Anytime Fitness and Nikki Webster Dance Studio, generates a net annual income of approximately $420,000, with a yield of more than 11 per cent.
“The sale to an undisclosed Sydney investor is a strong indicator that self-managed super funds (SMSFs) are buying into the commercial markets on the Central Coast,” Raine & Horne’s selling agent Richard Ellis said.
“The move to DIY super is also a sign that more investors are growing tired of receiving yearly statements from their super funds that mostly show plummeting balances.
“As a consequence, more investors are choosing to buy into commercial property with their own super fund to build long-term wealth.”
