Gosford Gateway Centre up for sale with $44 million price tag

Gosford’s commercial landmark, the Gateway Centre, has been listed for sale -- the first time in a quarter of a century -- with expectations of $44 million. 

The mixed office and retail asset, located at 221–237 Mann Street, is being sold in one line with adjacent properties at 249 Mann Street and 135–137 Faunce Street.

The combined properties generate a net yield of 7.25 percent on the asking price, according to listing agency Raine & Horne.

Raine & Horne Commercial's Brett Hunter was quoted as telling the Daily Telegraph that the property had drawn interest from Sydney-based developers, boutique fund managers and overseas investors because of its mix of long-term blue-chip tenants including the NSW Department of Family and Community Services, NSW Office of Fair Trading, Vision Australia, Central Coast Local Health and Optus.

“Moreover, approvals are in place to add 10 extra storeys at 249 Mann Street and 135–137 Faunce Street, and this has the potential to add $5.24 million in lettable space annually to the site,” he said.

Other features include a 5-star Nabers rating and engineer certificates that provide for the building of additional storeys to add to the existing 15,000 square metres of lettable space. There are also 400 car spaces.

The site area is 8,162 sqm with a building area of 15,000 sqm.