Strong demand for Swift on Hunter offices
Altim Property’s Swift on Hunter strata office development is expected to start construction in the first quarter of 2022, following a strong start to the marketing campaign including a recent $2,325,000 sale to a local buyer.
Swift on Hunter is the first A Grade commercial office building in Newcastle which will allow small businesses to own their own premises. Suites for sale at Swift range in size from 50 sqm to 192 sqm all with car parking included. The Swift building also features end of trip facilities, bicycle storage rooms, licence plate recognition and is targeting 4.5 Star NABERS rating.
The strong demand in the Newcastle premium strata office market mirrors recent reports of Sydney and Melbourne CBD strata office prices hitting record highs due to lack of supply and low interest rates that make it cheaper for businesses to buy than rent. Altim Property’s Ian Summers said he sought to develop Swift to enable small businesses to access the A Grade office market in Newcastle as an owner, which previously had only been available to large corporate tenants.
“Small businesses want to be located in the best A Grade buildings in Newcastle, to provide a first class experience for customers & staff and they haven’t been able to do that until now.”
"The capital value of $500,000 for a commercial suite with a car park is now cheaper than what you can buy a residential investment for and is proving attractive to investors who were previously considering a residential investment property.” Mr Summers said.
Altim Property has also recently exchanged contracts on the Wolfys Auto One site on the corner of Maitland Road and Bevan Street in Islington and has plans for a mixed-use development