This article is from the Australian Property Journal archive
SYDNEY's commercial property auction market was buzzing with activity this week, recording more than $54 million in sales, including four neighbours who collected a cool $8 million from selling their lots as one.
auctionWORKS put 38 properties under the hammer and the clearance rate was 73%.
The total value of sales was $54.48 million.
The first tranche of auctions recorded eight sales. The most expensive property sold under the hammer was 344-350 Canterbury Rd Canterbury for $8 million. JLL’s Michael Ajaka and Ari Danas handled the sale campaign for the 1,850 sqm development site. Located 13km south-west of Sydney’s CBD, there is currently four freehold houses on the site, zoned B5 Business Development with a 18-metre height limit.
This latest transaction reflects a growing trend in Sydney and Melbourne where neighbours are joining their properties and selling it to developers for a higher price.
The second most expensive sale was 249 King St Newtown for $4.125 million. Laing & Simmons Commercial’s Lindsay Sturrock and Tony Anderson sold the 311 sqm two-level retail building, which is fully leased to two tenants returning $204,742 p.a. plus GST.
Other sales include:
– 10 Bridge Rd Glebe in the inner west, for $3.78 million. The campaign was handled by Gerard Cole Property Consultants’ Michael Culibrk and Warren Yim. The property comprises a 360 sqm land area.
– 116 Crown St Darlinghurst for $2.575 million by Laing & Simmons Potts Point’s Nuri Shik. The mixed-use three-level property is used as showroom, office and residential apartment.
– An industrial property at 29 Whiting St, Artarmon sold for $2.2 million. Sutton Anderson’s Brad Sutton and James Willing negotiated the sale of the 740 sqm property.
– Oxford Commercial’s Kristian Morris and Steffan Ippolito sold eight strata shops in one line for $1.32 million. The shops ange from 64-92 sqm with a total floor area of 590 sqm and currently returning $109,340 p.a. plus GST.
– A 133 sqm development site at 67 Ramsay Rd Five Dock was sold by Roger Mickhail Property for $1.26 million.
– John Hill & Co’s Sam Hill and Giorgio Repice sold 798 Parramatta Rd Lewisham for $981,000. The property comprises 288 sqm retail and showroom space and is occupied by a funeral services operator until 2016, on a gross income of $41,600.
The second auction was a Burgess Rawson portfolio with 12 sales recorded.
The list of sales include:
– 82-84 Railway Parade Leura in the Blue Mountains, for $5.55 million. The property comprises five shops on a 654 sqm site. The shops are fully leased returning an estimated net income of $395,000 p.a. plus GST.
– A 478 sqm retail property on a 1,340 site at 204 Warnbro Sound Avenue Warnbro, leased to Liquorland sold for $3.4 million.
– Another Liquorland leased asset at 218 Victoria Rd Rozelle sold for $2.8 million. The 203 sqm building occupies a 1,157 sqm and is leased to Coles Group, returning a total rent of $148,257 p.a.
– A KFC fast food restaurant with drive thru and car park on a 2,943 sqm at 38 Avoca Drive Kincumber sold for $2.85 million. The property is returning $177,000 p.a. plus GST.
– In Sydney’s inner west, a 334 sqm corner site at 164-166 Enmore Rd, Enmore fetched $2.85 million. Improvements include a 402 sqm building.
– At 270-272 Green St Ulladulla, a 746 sqm occupying a 1,349 sqm site sold for $2.7 million. The property is leased to the state and federal governments returning a net income of $210,575 p.a. plus GST.
– A childcare centre with 56 places at 53 Glenrowan Drive Harrington Park sold for $1.93 million. It was sold with a 10-year lease to G8 Education until April 2024, returning $119,600 p.a.
– Another G8 operated childcare centre at 65 Central Coast Rd West Gosford fetched $1.73 million. The centre has 86 places and is returning a net income of $87,482 p.a. plus GST.
– A Commonwealth Bank branch at 19 Orient St Batemans Bay sold for $1.65 million. The property comprises a 673 sqm two-storey building and leased to the CBA on a three plus three-year term from February 2013, returning a net income of $115,795 p.a. plus GST.
– Another CBA branch at 40-42 Bent St Wingham sold for $880,000. The double storey building is returning a net income of $57,186 p.a. plus GST.
– A Caltex service station at 60 Windsor Parade Dubbo sold for $950,000.
– Finally a 864 sqm retail property at 156 Kendall St Cowra, leased to Repco, sold for $505,000. It is returning a net income of $41,835 p.a plus GST.
Australian Property Journal
