COMMERCIAL / RESIDENTIAL
Bull Street
— Newcastle, NSW
EXP Capital are excited to present a recent acquisition to it commercial property portfolio, 117 Bull Street, Newcastle.
Erected in 1983, the property sits on a land size of 6,795sqm, a whole city block in Newcastle with four street frontages and an existing B-grade three story concrete office building with both undercover and additional open air parking. The building is 6-star NABERS rating and is located in the heart of Newcastle CBD.
Interest in the asset was due to the current FSR (3:1), land size and the flexible R4 High residential density zoning and favourable development controls allowing a range of expansion and redevelopment opportunities of the land together with 100% leased to a single tenant, being NSW Government Property with an unexpired term of 5.33 years. The passing rent at time of acquisition was below market parameters with a 14% increase after acquisition being achieved by EXP Capital.
The FSR is underutilised, and the property has approximately 8,280sqm of unused GFA. This represents significant development upside for EXP capital. We are currently in the process in working with State Government and local council regarding the highest and best use of the site and future development.
Residential
Newcastle
Ongoing
SECTOR
LOCATION
COMPLETION
