This article is from the Australian Property Journal archive
COMMERCIAL property investors have swooped on the market, spending more than $50 million in just six days at the Colliers International’s NSW Autumn Portfolio Auction.
Yesterday Colliers sold $23.105 million worth of properties, had another property under offer at $7 million – taking the total figure to just over $30.1 million.
This is in addition to the three recent sales totaling $20.23 million, including an office tower with ground floor retail premises at 725-731 George St in Sydney for $14 million, representing a passing yield of 5.4%.
Colliers associate director of investment sales Matthew Meynell said the auction results are exceptional and, year-on-year, the major difference is now clearly consumer confidence.
Three of the properties scheduled to be auctioned yesterday were sold prior. Last night, a Dover Road child care centre in Rose Bay was snapped up by a local investor for $5.55 million at a yield of 7.06%, whilst an office/showroom and warehouse facility at 53 Governor Macquarie Drive in Chipping Norton was secured for $1.15 million.
Just half an hour before the auction commenced, two recently renovated strata floors at 37 York St in Sydney’s CBD, measuring a combined 424 sqm, were sold together for $2 million
“The first property to be auctioned today, the former Cook’s River Motor Boat Club at Tempe, had nine people bidding. If you compare this to the residential market, and you had those numbers, that’s for the best house in the best St.
“In the end, the hammer fell at $1.08 million, which was $230,000 above reserve – an exceptional result,” Meynell said.
More than 250 investors and owner-occupiers attended the auction.
The below properties were sold as part of the Colliers International Autumn Auction Portfolio:
· 18-20 Holbeach Avenue, Tempe, the Former Cook’s River Motor Boat Club: $1.08 million
· 70-74 Dover Road, Rose Bay the Jacobs Ladder Childcare Centre: $5.55 million
· 17-19 Smith St, Chatswood, a redevelopment site and workshop/warehouse: $5.8 million
· 70 Broughton St, Campbelltown, a 59 place childcare centre: $1.025 million
· Level 12, 37 York St Sydney, an office suite: $2 million
· 1A Sirius Road, Lane Cove, the Harley Davidson Headquarters: $3 million
· 15-17 Fountain St, Alexandria, a DA Approved Boutique Residential site: $3.54 million
· 19/53-55 Governor Macquarie Drive, Chipping Norton a Warehouse/Showroom in: $1.15 million
And underoffer:
· 345 Pacific Highway, Lindfield
Australian Property Journal
