Caringbah South

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The Feros Hotel Group has bought Highfield Caringbah, the modern bistro and sports bar, for around $15 million.
Feros Hotel Group, who also run The Terrey Hills Tavern and Potts Point Liquor, were the tenants of the premises at <a href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39QzG/Nyy8oj1MsQ8lDBqOLeGnfqPgIdmzmVW8USMH2yRIkL23sKlvcw9AAv2bvY52GmBAZy16vj3DwUuonGW8rSPNlY+IBAk29Rqkhsq7NIhj/eLAv7JpZH4lmUg0pxGF1IkmoZw/p+yg==&amp;rh=ff0051548225348a722f5b8b9b45b797708c0ed0" target="_blank">32 Banksi</a><a href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39QzG/Nyy8oj1MsQ8lDBqOLeGnfqPgIdmzmVW8USMH2yRIkL23sKlvcw9AAv2bvY52GmBAZy16vj3DwUuonGW8rSPNlY+IBAk29Rqkhsq7NIhj/eLAv7JpZH4lmUg0pxGF1IkmoZw/p+yg==&amp;rh=ff0051548225348a722f5b8b9b45b797708c0ed0" target="_blank">a Road</a> in Sydney’s south.
Feros spent around $12 million in 2017 on major capital works and a fit-out.
The former workers' club, which homes Ugly Pizza, Huxley's, Public House and The Botanical, as well as a Sports TAB and gaming space, was offered with a double net lease with a net passing income of $589,104 + GST.
Spanning three levels, the building with 3,070 sqm of net lettable area on its 1,025 sqm land, has future development potential to add accomodation and an additional rooftop bar. 
Ray White Commercial NSW – Sydney City Fringe agents Kristian Morris and Justin Rose secured the sale.   Morris said there was strong interest throughout the campaign and the final sale price represented a sub-four per cent yield.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/10/Highfield%20Caringbah%202.jpg" alt="">   “This was a well-executed campaign with 85 direct enquiries, 15 different groups inspecting the property and multiple parties interested close to the four per cent yield mark,” he said.   “Buyers saw the value in such a long lease (15-years plus options totalling up to 60 years with ratchet clause in favour of the lessor) and strong covenant. “Hotel assets that are subject to such a long lease don't come up very often and this resulted in such a tight cap rate 
Rose added that the property was an outstanding three-storey mixed-use hospitality asset with four separate but interconnecting dining experiences.   “It’s rare to have such a long and secure lease to a group that’s committed to the area, and it provided the right buyer with an investment seldom offered to the market,” he said.   “These freehold subject-to-lease (FSTL) opportunities are rarely available and it offered 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.”
 
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Feros Hotel Group snap up Highfield Caringbah for around $15 million

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Despite the emerging property price recovery across Sydney, former NRL star Ben Barba has sold in the Sutherland Shire at a big loss.
His former Caringbah South home quietly sold for $1,085,000, nearly $100,000 less than the $1.18 million he paid in 2014 — just two years into Sydney’s five-year boom.
Barba bought the two-bedroom home a month after signing a three-year contract with the Cronulla Sharks.
Fast-forward five years and the former fullback has been deregistered from the NRL.
He is reported to be working in Mackay and playing football for Mackay Rangers.
The Caringbah South home became a $1000-a-week investment when Barba left to play in France and England.
He later signed with North Queensland but his contract was terminated before he played a game after video emerged of an alleged altercation with his girlfriend at a casino.
The NRL later deregistered Barba, effectively handing him a life ban, and he pleaded guilty to public nuisance.
He was sentenced to community service but was not convicted.
Barba is still seeking a buyer for his Brisbane investment house, at offers over $849,000 for the four-bedroom home he paid $769,000 for in 2013.
In 2017 he sold a Caringbah South investment unit for $600,000, after paying $425,000 in 2012.
This article was first published in the Saturday Daily Telegraph. 
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Ben Barba makes big loss on former Shire home

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Having completed their first residential development project together, former Bulldog team mates Josh Reynolds and Michael Lichaa have quickly snapped up another project.
They've paid $2.5 million for a four bedroom Caringbah South knockdown that sits on a large 1,310 sqm parcel, a few doors down from their first dual occupancy project that has recently come up for sale.
Their first purchase was February last year when they spent $1.5 million on a 710 sqm development site on Percival Road.
One of the <a href="https://www.realestate.com.au/property-duplex+semi-detached-nsw-caringbah+south-126627966" target="_blank">recently completed homes</a> is a being marketed as a designer dwelling by Greg Gilbert Real Estate agent Greg Gilbert, who has a price guide of $1.95 million to $2.05 million.
Finished with polished concrete floors and custom joinery, the contemporary home has four bedrooms and three bathrooms.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/12/caring2.jpg" alt="">
A private west facing courtyard comes with lawns, a deck and an in-ground plunge pool.
Their new $2.5 million purchase is set to be ramp up their efforts. It came with approval for construction of four townhouses with four swimming pools.
The two were good mates at the Bulldogs and it looked like both would be moving on at the end of the season. 
Reynolds signed a big four-year contract to the Wests Tigers and Lichaa was released by the club.
Then in an extraordinary turnaround, having said goodbye to the club, Lichaa was handed a new contract a few weeks later, re-signing on a two-year deal.
This article was first published in the Saturday Daily Telegraph.
 
  
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NRL mates buy complete development project and buy another

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Following his move to the English Super League last month, former Cronulla Sharks star Ben Barba has listed his Sutherland Shire investment property for sale.
Barba's decision to sell the <a href="https://www.realestate.com.au/property-unit-nsw-caringbah-125526622" target="_blank">Caringbah investment apartment</a> comes after he recently leased his own home, not far away at Caringbah South for $1,000 a week.
The flying fullback will get a nice earn from the 84 sqm apartment.
His playing future is now in the UK, after Barba was told by French club Toulan, who he signed a lucrative two and a half year deal with in January, that he was no longer needed by the club. 
There is a price guidance of $620,000 to $660,000 for the two bedroom apartment with updated kitchen and bathroom.
The fullback had paid $425,000 in 2012 when he was at the Bulldogs.
It was available at $420 a week in March.
The marketing suggested the tenants are happy to stay on for the new buyer.
Century 21 Cronulla David Wolfhart has the listing which faces competition from the renovated top floor unit of the block that has $649,950 hopes.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/04/13_11-13%20Curtis%20Street-2.jpg" alt="">
Barba's decision to sell the apartment comes after he recently leased his former two bedroom Caringbah home.
He paid $1.18 million for the home in 2014 following his brief stint at the Brisbane Broncos.
Barba was recently told by French club Toulan, who he signed a lucrative two and a half year deal with in January, that he was no longer needed by the club. 
There was brief speculation he was set to return to Australia after inking a one year deal for the 2017 NRL season at the Sharks.
His fall from grace came last October shortly after he starred in Cronulla's maiden Grand Final win over Melbourne Storm.
The 2012 Dally M Medal winner failed a drugs test after the celebrations and was hit with a 12-match ban in the NRL.
Barba was spotted at the Super League Magic Weekend - an annual event in the English Super League in which an entire round of matches is played over a weekend at one stadium.
He signed for St Helens, previously led by Bulldogs captain James Graham. Newly-appointed coach Justin Holbrook worked with Barba at the Bulldogs when he was the assistant coach.
St Helens are seeking to get Barba's drugs ban reduced, however the 12 match ban will still stand should he return to the NRL.
The article was first published in the Saturday Telegraph.
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