This article is from the Australian Property Journal archive
A HIGH profile billboard sign opposite Flinders St Railway Station has sold at auction for $3.05 million on a 11.7% yield.
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-qformat:yes;
mso-style-parent:”;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:”Times New Roman”,”serif”;
mso-fareast-language:EN-US;}
The advertising board classified as Lot 7, 238 Flinders St, was offered for the first time as part of the Burgess Rawson portfolio auction. The digital art signage is leased to Digital Outdoor Media on a 15-year term plus nine years option and currently returning $357,000 p.a.
Overall, the investment portfolio had 19 listings and 13 properties sold yesterday through auctionworks, totalling more than $54 million.
The deal of the day was the sale of a Bunnings Warehouse store at 74 Nyah Rd Swan Hill for $10.95 million. The 5,847 sqm property on a 16,630 sqm site was sold with a new 12-year lease to Wesfarmers on a rental of $560,000 p.a.
A Dan Murphy`s outlet at 1177-1183 Pascoe Vale Rd Broadmeadows also attracted strong interest, selling for $7.75 million. The 1,214 sqm store on a 3,086 sqm site is leased to Woolworths on a new 10-year term returning a net income of $433,968 p.a.
An office building in the Victoria`s rural town of Bendigo was the third most expensive property sold for $7.30 million. Located at 71 Bridge Rd Bendigo, the two-level 1,252 sqm building includes 30 car parking spaces on a 1,962 sqm site. It was sold with a 10-year lease returning $320,000 p.a.
Other sales included:
– 64 High St Ararat sold for $1.477 million. The 334 sqm medical centre was sold with a 10-year lease returning $86,530 p.a.
– Lot 1/100 Fairways Boulevard Craigieburn sold for $2.42 million. The 70 places, 497 sqm childcare centre occupies a 1,060 sqm site and is leased to ASX-listed G8 Education, returning $149,040 p.a.
– 197-199 Newbury Boulevard Craigieburn sold for $4.25 million. A 119 places, 954 sqm childcare facility on a 2,477 sqm site. The centre is leased to Eclipse Early Education on a rental of $278,375 p.a.
– 20 Lydiard St South Ballarat sold for $2.845 million. The 900 sqm three level bluestone building on a 335 sqm site is leased to an accountancy firm, returning $192,333 p.a.
– 461-463 High St Echuca sold for $3.21 million. The 1,370 sqm property is leased to the Victorian government on a rental of $210,808 p.a.
– 1/161a Fitzroy St, St Kilda sold for $1.101 million. The 222 sqm shop was sold with a three-year lease returning $71,002 p.a.
– 100 Edith St Innisfail, Queensland sold for $2.825 million. A 764 sqm purpose built building leased to Hungry Jack`s on a rental of $161,500 p.a.
– 8 Bathurst St George Town, Tasmania sold for $4.95 million. The 1,978 sqm retail property is leased to Woolworths supermarket on a 20-year lease plus 10-year option to 2042, returning $336,682 p.a.
– 10-12 Middle Rd Devonport, TAS sold for $2.101 million. The 2,968 sqm showroom on a 4,700 sqm site was sold with a 10-year lease plus two further five-year options to 2033 returning $209,196 p.a.
Australian Property Journal
