This article is from the Australian Property Journal archive
ONLY two offerings at yesterday’s Burgess Rawson portfolio auction event in Sydney sold under the hammer, while four of the 14 listings were sold prior.
The Dulux office and warehouse facility, on a 2,023 sqm site at 4 Ace Crescent in Tuggerah, sold for $2.272 million. Dulux has a five-year lease until October 2023 with options to 2033, and pays net rent of $133,400 per annum plus GST.
A fully leased Dominos-anchored retail complex in the Cairns suburb of Manoora was the other asset to sell at the event, fetching $1.9 million. The 1,341 sqm corner site at 1 Jensen Street has a frontage of more than 100 metres, and a 551 sqm building with four tenants for combined net return of $165,207 per annum plus GST.
Selling before the auction were a strata medical centre office at 16-18 Hills Street in Godford; the Westpac bank branch at 140-144 Main Street in Lithgow; and strata shops in a Rozelle retail complex at 122 Terry Street, including an 83 sqm Urban Spa and 116 sqm Metro Travel agency.
The Burgess Rawson portfolio series moves to Melbourne’s Crown Casino today, at which seven A.P. Eagers car dealerships in Tasmania are being offered, with expectations of netting vendor Marcus Birrell a combined $50 million.
Meanwhile, CBRE held its first premium property portfolio auction of the year last week. Five of the eight properties sold, including two before the event.
A local investor picked up a 2,978 sqm 7-Eleven site in Melbourne’s Werribee at 1 Alfred Road for $5.93 million, reflecting a 5% yield with a 15-year lease. Another 7-Eleven, at 159-163 Beaudesert Beenleigh Road in Windaroo, south of Brisbane, sold for $6.3 million, at a 5.97% yield with a 15-year triple net lease and options to 2047.
Also changing hands on the night was an IGA supermarket in Ringwood East, offered by long-term owner and operators the Corcoris family with a 10-year leaseback and four options of five years. It sold for $7.3 million at a 5.34% yield.
The Riot Arts & Crafts store at 755 Burke Road in Camberwell sold for nearly $5 million, at a 4.2% yield, and ISPT offloaded a Caltex petrol station in the Perth suburb of Mannington for $3.62 million at a 7.6% yield.
Australian Property Journal
