Wharf Central anchored by insurer
Written on the 7 April 2009
AN undisclosed local investor has snapped up three offices within the $20 million Wharf Central - the Tweed Heads CBD’s first new commercial building in 15 years.
The three office suites are pre-leased to a government agency and a franchise office of motoring and insurance group NRMA. The NRMA franchisee has been operating from Wharf Central since January.
The undisclosed local investor bought suites 5, 25 and 26. Suite 5, a 95sqm ground floor retail strata unit, sold on a firm yield of 6.78 per cent. The suite, subject to a five year lease, with a five year option, is leased to NRMA at $44,365 per annum, reflecting $467 a square metre on a net basis.
Suites 25 and 26, were sold on a combined yield of 7 per cent. With a total floor area of 191sqm, the suites are subject to five year leases, with a five year option. They are leased to the Office of Fair Trading at $57,300 per annum reflecting $300 per square metre on a net basis.
Wharf Central comprises 40 strata titled commercial suites and a two-level secure basement with 86 car parks.