Orange CBD properties remain ideal for investors

ICONIC CORNER: The Carrignton Hotel has been sold by Benchmark Commercial, one of four CBD properties which are set to change hands. Photo: JUDE KEOGH 1202jkcarro1

ICONIC CORNER: The Carrignton Hotel has been sold by Benchmark Commercial, one of four CBD properties which are set to change hands. Photo: JUDE KEOGH 1202jkcarro1

The Sydney real estate market grabs all the headlines, but Orange commercial property remains positive for investors.

The Hotel Carrington, the former Australian Cinema and the Hog’s Breath Cafe sites have attracted strong interest from buyers and investors according to agents.

Real estate agent Chris Gryllis said the Lords Place site, which currently houses the Hog’s Breath Cafe, was ideally located and comes with a long-term lease.  It will go under the hammer on Saturday, December 10.

“There’s been quite a lot of interest, Orange is a sought-after market for commercial property,” Mr Gryllis said.

“People are looking to invest their money. Some people like to invest money where they can see it working.”

Benchmark Commercial Real Estate agent Nigel Staniforth said the commercial market was buoyant.

The agency recently sold the Hotel Carrington for an undisclosed amount.

“It could have sold a few more times. Corner locations are so rare, and they draw a lot of interest,” Mr Staniforth said.

Mr Staniforth said it was a “strong result” for the vendor.

“It was a development opportunity, if someone has a great idea for a business, we can put them in contact with the owners. There’s nothing on the horizon so far, it could be anything.”

He said any properties which came up for sale in the city’s CBD had strong interest. On Friday, Mr Staniforth said 211 Anson Street sold after auction.

Meanwhile, negotiations are underway for the sale of the Australian Cinema and Orange Evangelical Church building on Lords Place.

The former cinema returned to the market in September after the church decided it could not afford renovations. 

Selling agent Gary Blowes from Blowes Real Estate said commercial property has “always been very strong”.

“Part of the reason is the CBD is small and the properties are tightly held. When property comes on the market, it sells pretty quickly.”

When it came to the former cinema, Mr Blowes said it was more than its appearance which made it unique.

“There’s a clause that it can never be used as a cinema again, there’s limited interest so far as it’s a specialist site,” Mr Blowes said.

He said the former cinema was ideal for someone looking to write a new chapter in its history.

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