Buy them tired but full of character, fix them up and reap the rewards.
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The purchase of one of Maitland’s most prominent commercial properties in High Street’s west end represents a big investment for one person and could signal a positive trend.
Tracy Johnson settled on 513 High Street seven weeks ago and will soon open the doors to a hair salon.
Many of the building’s original features, including exposed brickwork, polished hardwood floors and an operational fireplace, have been kept.
“It’s a big investment but a fantastic location,” Ms Johnson said.
“By the time we’re done it will be worth quite a bit more.”
The property was listed with Tony Cant Real Estate at $360,000 and settled for an undisclosed figure just shy of that mark.
Ms Johnson, a hairdresser of eight years in Melbourne, recently found the building when she returned to her home to Maitland.
The renovation is partially complete, thanks to her handy family, and the daggy carpet and wallpaper have been banished.
“It’s just good to restore these old buildings,” Ms Johnson said.
“Anyone that can, should.”
Tony Cant commercial sales consultant Michael Maffey said the sale should show others that, with a bit of work, they too could establish quality shopfronts.
“We’ve noticed a few sales similar to this lately,” Mr Maffey said.
In recent weeks he also sold 392-394 High Street in the heart of The Levee, with tenant Subway in place.
“It was bought for strategic purposes, knowing what will happen in The Levee, for an undisclosed sum,” Mr Maffey said.
Prominent CBD site sells in lots
One of Maitland’s most prominent commercial properties has been sold, piece at a time, after a year on the market.
The parcels formed the home of Hunter Irrigation Water Solutions until March 2014 and were listed through Tony Cant Real Estate.
On the corner of Belmore Road, 513 High Street was used as office space.
Listed for $360,000, it sold for and undisclosed price in the mid $300,000 range.
The adjoining single story irrigation showroom, originally a service station, was listed for $479,000 and achieved a mid-$400,000 price.
The buyer, a Maitland person who wished to remain anonymous, plans to renovate the building and lease it out.
As previously reported in the Mercury, the Maitland-Newcastle Catholic Diocese bought the 1200 square metre lot at the rear of the property in 2014 for $410,000 (GST-excluded) for an affordable housing project.