SectorIndustrial
StateNSW
Acquisition price$19,500,000
Current yield10.19%
Land area (sqm)162,800
Rate ($/sqm)$813
Office (sqm)3,165
Warehouse (sqm)28,193
Total (sqm)31,358
Office %10%
Site coverage19%

Property Overview

16 Broadmeadow Road, Broadmeadow, Newcastle is situated on the northern side of Griffiths Road, the main link road into the Newcastle CBD. The property is located approximately 4 kilometres west of Newcastle CBD, and is situated within an inner suburban area in close proximity to Newcastle Port with good connections to major transport networks, including rail.

This part of Broadmeadow consists of a number of industrial and commercial premises, as well as some bulky goods retail extending along Broadmeadow Road to the south of the main entry into the property.

Development to the south includes the Newcastle Harness racetrack, the Newcastle International Sports Centre, and various other leisure/entertainment facilities. Newcastle Central, a smaller shopping complex anchored by an IGA supermarket is within 500 metres of the main entry to the property.

The property is comprised of three separate lots of 162,800 sqm in total. The property is irregular in shape, having a frontage to Griffiths Road of 483 metres, extending to the north along Broadmeadow Road approximately 400 metres, with the northern boundary running in a north-east to south-west orientation extending approximately 712 metres and includes a rail corridor located in the far northern extremity of the site, south of Georgetown Road.

Improvements on the property have been constructed at varing times from 1890, comprising large industrial workshops and warehouses purpose built for the manufacture and maintenance of railway rolling stock.

In all there are approximately 19 buildings on the site, including a large administration building dating from approximately 1925 and various staff-related facilities including canteen, showers, amenities and car parking. There is ample parking provided on site at the Broadmeadow Road entrance and to the rear of the administration buildings.

With a low site coverage of 30%, there is an opportunity to add value to the property through rezoning, sub-division or redevelopment.