Mixed-UseTenanted
286-292 West Street, Umina Beach NSW 2257
$9,500,000
Price on request · Going concern (GST-free) · Umina Beach · NSW
$651,000 net income · 6.85% net yield · 6.61% effective after outgoings
Net yield
6.85%
Before landlord outgoings
Effective yield
6.61%
After $23,110 outgoings
WALE
3 yrs
3 years
Projected yield by year 6
8.14%
On original price · 3.5% projected, not contracted
01
Property
Umina beach DD photo 1
Umina beach DD photo 2
Umina beach DD photo 5
Umina beach DD photo 4
Umina Beach DD photo 3
| Address | 286-292 West Street, Umina Beach NSW 2257 |
| Property type | Mixed-Use |
| Title | Freehold |
| Floor area | Estimated 1400 sqm |
| Car parking | 14 spaces |
| Access | 14 on-site car spaces. Rear lane access in addition to the two street frontages. |
| Position | Corner of West Street and South Street, Umina Beach — directly opposite Bunnings Warehouse. Dual street frontage with rear lane access. Approximately 80km north of Sydney. |
What we like
- Freehold title — no strata, no body corporate, no special levy exposure and full control of the asset.
- Corner holding with dual street frontage (West Street 18.3m + South Street 45.7m) plus rear lane access on a 1,347 sqm site in the town centre retail core.
- Income diversified across 11 tenancies rather than a single covenant — one vacancy is roughly 9% of income, not 100%.
- At least one recognisable national franchise among the ground-floor tenants (Blooms The Chemist, per listing imagery) — pharmacy is a defensive, high-frequency use.
- Directly opposite Bunnings Warehouse, which anchors traffic to the corner.
- Bus stop 95 metres away with ten routes; Woy Woy station 4.1km.
- 14 on-site car spaces, unusual for a strip retail holding of this size.
- Two income streams by type — ground-floor retail and Level 1 offices — which broadens the re-letting pool.
- Optionality to add a further level subject to council approval; unpriced today, but real on a corner freehold of this size.
Key risks
- Priced above the street's benchmark sale - the Woolworths at 261-275 West Street, 300m north, sold Nov 2024 at $24.5M on a 5.14% yield with an 18-year Woolworths lease and 6.64-year WALE. That equates to $6,339/sqm of building and $5,504/sqm of land. At $9,500,000 the subject asks $6,786/sqm and $7,053/sqm - roughly 7% and 28% higher - against eleven local covenants and an unknown WALE. The 171 basis points of extra yield is the compensation for that covenant gap; satisfy yourself it is enough.
- Tenancy schedule not sighted - the $651,000 gross is the agent's estimate, not verified. Every yield on this page moves if the schedule differs.
- Flood overlay applies to this site - confirm the flood planning level, insurance implications and any development constraint before proceeding.
- No like-for-like comparable exists - no other multi-tenant freehold retail holding of this scale has transacted in the immediate catchment within the evidence period, so the comparable set is directional rather than definitive.
02
Snapshot
Land, diversification and an untested development angle — not a single covenant. At $9,500,000 this is a 1,347 sqm freehold corner site in the retail heart of Umina Beach carrying eleven income streams across two use classes, so a vacancy costs roughly 9% of income rather than all of it. The selling agent flags scope to add a further level subject to council approval; that upside is unpriced, has no DA behind it, and should not be paid for at this price. The 6.85% is an estimate until the tenancy schedule lands. What is not in question is the freehold title, the 18.3m West Street and 45.7m South Street frontages with rear lane access, and 14 on-site spaces.
How to read this report
Every figure is labelled Confirmed Comparable lot Estimated or TBC. Nothing here is presented as settled when it isn’t.03
Tenant & lease
| Tenancy status | Tenanted |
| Lease executed | Yes |
| Tenant | Multiple: 7 retail shops (ground floor) + 4 commercial offices (level 1) trading as Various |
| Use | Mixed retail and commercial — 7 retail tenancies at ground level, 4 office tenancies at Level 1. Signage visible in listing imagery indicates Blooms The Chemist, Common N West and King among the ground-floor occupants; confirm all trading names, entities and guarantees against the tenancy schedule. |
| Initial term | 3 years |
| Option | 3 years |
| Rent reviews | CPI |
| Lease type | Retail (RLA 1994) |
| Outgoings | Landlord-borne, $23,110 p.a. |
| Net rent, year 1 | Estimated $651,000 |
Projected rent escalation
| Lease year | Net rent p.a. | Yield on price | Note |
|---|---|---|---|
| Year 1 | $651,000 | 6.85% | Commencing rent |
| Year 2 | $673,785 | 7.09% | +3.5% |
| Year 3 | $697,367 | 7.34% | +3.5% |
| Year 4 | $721,775 | 7.60% | Option period |
| Year 5 | $747,037 | 7.86% | Option period |
| Year 6 | $773,184 | 8.14% | Option period |
04
Income & yield
Two yields matter on commercial: the headline net yield, and the effective yield after the outgoings the landlord actually carries. Most reports show only the first.
| Metric | Value | Basis |
|---|---|---|
| Net annual income | $651,000 | Estimated |
| Purchase price | $9,500,000 | Price on request |
| Net yield | 6.85% | Net income ÷ price |
| Council rates | $16,537 | Estimated |
| Water | $6,574 | Estimated |
| Total landlord outgoings | $23,110 | 3.5% of net income |
| Effective yield | 6.61% | (Net income − outgoings) ÷ price |
24 basis points sitting on the table
The landlord currently carries $23,110 of outgoings. The lease is not yet executed, so this is still negotiable — drafting it with outgoings recoverable moves the effective yield from 6.61% to 6.85%.05
Cashflow
A live, pre-tax cash position. Change any input and every line recalculates. No tax offsets, no depreciation, no capital growth — cash in, cash out.
Capital required
Purchase price
$9,500,000
Loan at 65% LVR
$6,175,000
Deposit
$3,325,000
Acquisition costsStamp duty, legals, strata & building reports, valuation
$530,000
Total cash required
$3,855,000
Annual cash position — year 1
Net rental income
$651,000
Less landlord outgoings
−$23,110
Less land tax
−$0
Income after outgoings
$627,890
Less loan interest at 6.60%Interest only
−$407,550
Pre-tax cash position
$220,340
Cash-on-cash returnPre-tax cash ÷ total cash required
5.72%
Cash position over the lease term
| Year | Net rent | Outgoings | Interest | Pre-tax cash |
|---|---|---|---|---|
| Year 1 | $651,000 | $23,110 | $407,550 | $220,340 |
| Year 2 | $673,785 | $23,804 | $407,550 | $242,431 |
| Year 3 | $697,367 | $24,518 | $407,550 | $265,300 |
| Year 4 | $721,775 | $25,253 | $407,550 | $288,972 |
| Year 5 | $747,037 | $26,011 | $407,550 | $313,476 |
| Year 6 | $773,184 | $26,791 | $407,550 | $338,842 |
What this model deliberately excludes
No tax offsets, no depreciation, no capital growth, no incentive amortisation. Commercial lending typically sits at 60–70% LVR on shorter terms than residential, and an SMSF limited recourse borrowing arrangement carries additional structural requirements. Confirm your actual rate, term and LVR with a broker before relying on any figure here.06
Price analysis
Price positioning — $ per sqm against comparable evidence
| Metric | Value | Assessment |
|---|---|---|
| Purchase price | $9,500,000 | Price on request |
| Floor area | 1400 sqm | Estimated |
| Price per sqm | $6,786 | See positioning above |
| Rent per sqm | $465 | Net income ÷ floor area |
| Net yield | 6.85% | — |
| Effective yield | 6.61% | After landlord outgoings |
07
Comparables
Sales evidence
| Comparable | Basis | Amount | $/sqm | Tenure | vs subject |
|---|---|---|---|---|---|
| Woolworths Umina Beach, 261-275 West Street, Umina Beach NSW 2257 | Sold · 2024 | $24,500,000 | $6,339 | Tenanted | Superior THE MOST IMPORTANT COMPARABLE IN THE FILE - same street, 300m north. Freestanding Woolworths on 4,451 sqm, built 2011 by Fabcot, 118 basement spaces. Sold on a 5.14% yield with an 18-year lease to Woolworths Group and a 6.64-year WALE. Contract 11 Nov 2024, reported Jan 2025. Works out at $6,339/sqm of building and $5,504/sqm of land. The subject is asking $6,786/sqm of building and $7,053/sqm of land - approximately 7% and 28% ABOVE this sale respectively, with a materially weaker covenant and an unknown WALE. The counterweight is yield: the subject's estimated 6.85% is 171 basis points above this transaction, which is the compensation for taking eleven local covenants instead of one national one. Use this comp to test whether that 171bp is enough. |
| 21 Blackwall Road, Woy Woy NSW 2256 | Sold · 2025 | $650,000 | $7,143 | N/A | Inferior Small shop in the Woy Woy retail strip, 4km from the subject. $7,143/sqm of building. Inferior on scale and position, and a single small tenancy is a different product to an eleven-tenancy corner holding. Included because it shows the direction of travel on rate: small Peninsula shops trade ABOVE the subject's $6,786/sqm, which is normal - smaller lots almost always transact at a higher rate per sqm. This comp supports the subject's rate rather than undermining it. |
| 109 Blackwall Road, Woy Woy NSW 2256 | Sold · 2025 | $1,110,000 | $10,091 | N/A | Inferior Medical / consulting suite, Woy Woy. $10,091/sqm of building - the highest rate in this evidence set. Medical fit-out and use class command a premium over general retail, so this is not a like-for-like read on the subject. Included to bracket the upper end of Peninsula commercial rates and to show that the subject at $6,786/sqm is not at the top of the local range. |
| 12 Alfred Street, Umina Beach NSW 2257 | Sold · 2024 | $1,080,000 | — | N/A | Inferior Medical / consulting freehold in Umina Beach on 525 sqm of land - $2,057/sqm of land. Floor area not disclosed, so no building rate can be derived and the Floor Area field is deliberately left empty rather than estimated. Inferior on scale, position and use. Included as a same-suburb freehold land datapoint: the subject's $7,053/sqm of land reflects town-centre corner position and improvements, not raw land value. |
| 27 Alma Avenue, Woy Woy NSW 2256 | Sold · 2024 | $720,000 | — | Vacant | Inferior Development / land sale, 480 sqm, Woy Woy - $1,500/sqm of raw land. Not a retail comparable and not evidence of improved value. Included specifically to frame the development angle: if the added-level potential is ever underwritten, this is roughly what undeveloped Peninsula land transacts at. The gap between $1,500/sqm raw and $7,053/sqm improved is the value of the existing building and income, which is what is actually being bought here. |
08
Location
Subject site
400m · 800m · 1.6km radius
Coordinates -33.521910, 151.319086 — Google Maps geocode of 286-292 West Street, Umina Beach — verified 2026-08-05. Confirm against the strata/title plan before relying on the pin for boundaries.. Basemap © OpenStreetMap contributors; imagery © Esri. Radius rings are straight-line, not drive-time.
| Position | Corner of West Street and South Street, Umina Beach — directly opposite Bunnings Warehouse. Dual street frontage with rear lane access. Approximately 80km north of Sydney. |
| Transport | Bus stop 95m — Umina Beach Library, West Street (10 routes). Woy Woy railway station 4.1km, with direct rail to Sydney and Newcastle. Approximately 80km north of Sydney by road. |
| Local amenity | Positioned in the Umina Beach town centre retail strip, directly opposite Bunnings Warehouse. Catchment population 17,372 (Umina Beach, 2257), median age 44, predominantly owner-occupier households. |
| Region | Umina Beach · NSW · Central Coast LGA |
| Flood | Found |
09
Risk register
Every deal has them. Publishing them is the point — a report that lists only strengths is marketing, not diligence.
| Risk | Severity | Exposure & mitigation |
|---|---|---|
| Floor area unconfirmed | Critical | Every $/sqm figure on this page assumes 1400 sqm on a estimated basis. Mitigation: Confirm from the registered strata plan before relying on the price analysis. |
| Land tax not modelled | Critical | Commercial property attracts land tax with no residential exemption, and liability aggregates across the owner's holdings. It is currently $0 in the cashflow. Mitigation: Obtain the revenue assessment and model under the intended ownership entity before exchange. |
10
Diligence status
0 items across 0 workstreams. This is the live checklist our team works to on this asset — not a summary of one.
Total0
0 critical · 0 high · 0 med
The critical path — must clear before exchange
| Item | Workstream | Owner | Status |
|---|
11
The Handle view
Our position on this asset
Proceed to full due diligence, and treat the rent roll as the gate. The $651,000 is the agent's estimate, so no figure on this page is bankable until the complete tenancy schedule and a 12-month rent ledger are in hand. Three items must then clear: the flood overlay and its insurance and planning consequences, a land tax assessment modelled under the intended ownership entity, and zoning confirmed against the planning certificate. Outgoings are incomplete — insurance, management and land tax are all unbooked, so the effective yield falls from here, not rises. Underwrite this on the income as it stands. The scope to add a further level is agent commentary with no DA, no feasibility and no costing behind it; it is optionality worth having, not value worth paying for. What justifies the work is the asset itself: freehold title with no body corporate, a 1,347 sqm corner holding with dual frontage opposite Bunnings, and income spread across eleven tenancies with at least one national pharmacy covenant among them. The constraint is the catchment — a median household income 32% below Greater Sydney caps what this strip can carry on review. If the rent roll verifies and the flood position is manageable, this is a price conversation at $9,500,000, not a walk-away.Suits
Investors at the $9M-plus end who want land-backed, diversified income rather than a single covenant — private investors, syndicates and family offices with the appetite to actively manage an eleven-tenancy holding, the balance sheet to carry an unmodelled land tax position and the insurance consequences of a flood overlay, and a long enough horizon to test the added-level potential in their own time rather than paying for it at purchase.
Doesn’t suit
Passive or set-and-forget buyers, and anyone who needs contracted income certainty before committing. Eleven tenancies across retail and office use is a management job, not a coupon — it carries eleven renewal conversations, eleven arrears risks and materially higher administration than a single-tenant asset. Also not suited to buyers who cannot absorb a downward revision to the headline yield: outgoings are incomplete and the effective figure will fall once insurance, management and land tax are booked.
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Disclaimer
This report is general information only and does not take into account your objectives, financial situation or needs. It is not financial, legal, taxation or investment advice. Handle Properties, its directors, employees and associated entities accept no liability for any action taken in reliance on this document. Figures marked Estimated or Comparable lot are derived from comparable evidence and figures marked TBC are unresolved due diligence items; both are subject to change. Yields, cashflows and projections are indicative, are not forecasts. Interest rates, land tax and acquisition costs are assumptions you should replace with your own. Obtain independent legal, financial, taxation and lending advice before proceeding. Comparable evidence and past performance are not indicators of future performance.