LJ Hooker, Toronto, agent David Magin said the town’s commercial market had attracted strong sales results as investors sought higher yielding assets.

Almost $4 million worth of commercial properties in Toronto’s business district has recently changed hands.

Mr Magin said he sold 35 The Boulevarde, tenanted by Mission Australia, and private operators, for $1.4 million.

“Across the road, at 54 The Boulevarde, the building housing an ANZ bank branch and beautician sold for $1.35m, reflecting a net yield of approximately seven per cent,” Mr Magin said.

And in Burleigh Street, Mr Magin sold a 1330-square-metre older-style metal warehouse for $780,000.

That property was returning a gross annual rent of $75,000, delivering a net return of more than eight per cent, Mr Magin said.

Those yields had attracted investors, many of whom had withdrawn their investments in assets such as bonds and term deposits, he said.

“Toronto is attracting a lot of interest from investors that want to strengthen their self-managed super funds with well-positioned commercial assets housing committed tenants,” Mr Magin said.

“Sydney-based investors, in particular, are finding yields much more attractive in the Hunter’s business hubs and their recognition of value is encouraging many landlords to divest.

“Toronto’s lakeside central business district is performing well with healthy occupancy rates driving interest for retail and office assets in the area.”

Toronto’s access to connection roads to the M1 Pacific Motorway was also a drawcard, Mr Magin said.

“We’re seeing a transition to a service-based economy in NSW whereby there’s a strong demand for industrial assets which can suit the operations of transport and logistics providers.”

Lake Macquarie Council has begun a $4 million revamp of The Boulevarde.