Highfield Caringbah offered to the market
Highfield Caringbah has been listed for sale via Expressions of interest.
The property at 32 Banksia Road is currently under a long term lease to the Feros Hotel Group.
The holding comes with a 3,072 sqm building area and 1,024 sqm land area.
Located on the northern side of the Kingsway and has street frontage to Mackay Street, Banksia Road and Hay Lane, it is being marketed and sold by Ray White Commercial NSW – Sydney City Fringe Principals Kristian Morris and Justin Rose.
Mr Morris said the asset offered a secure 15-year lease to the Feros Hotel Group plus options totaling up to 60 years with ratchet clause in favour of the lessor.
He said, “the Feros Hotel Group are proven operators that have stood the test of time in this area of the market and have done an amazing job in developing the building into one of Sydney’s best vertical offerings.”
“They’ve spent circa $12M on upgrades and it offers a double net lease with net passing income of $600,886 + GST, and has future development potential to add accommodation and additional rooftop bar, STCA.”
Mr Rose said the property was a three-storey mixed-use hospitality asset with four separate but interconnecting dining experiences.
“These freehold subject-to-lease (FSTL) opportunities are rarely available and it offers a stress-free and hassle-free annuity income stream, with the tenant paying 100 per cent of the outgoings and running costs."
“It’s close to the Caringbah Town shopping centre and major retailers such as Coles, Woolworths, McDonald's and is just 150* metres to Caringbah train station,” he concluded.
