This article is from the Australian Property Journal archive
INVESTORS have snapped up 11 of 14 properties offered at yesterday’s Burgess Rawson property portfolio auction in Melbourne, returning one of the better clearance rates in the series for some time.
The event, held at Crown Casino and overseen by David Scholes of Auctionworks, followed a bite-sized Sydney edition the previous day that saw two of five properties sell.
A Prospect facility leased to the Tasmanian Department of Primary Industries, Parks, Water & Environment and Department of State Growth, on a 1.63-hectare site and returning $508,184 per annum net failed passed in on a bid of $6.2 million, and so it was two regional Queensland childcare centres provided the headlined the results.
In Buderim on the Sunshine Coast, a new Sanctuary Early Learning centre at 140 Jones Road sold for $4.11 million, with a net income of $247,500 per annum plus GST and outgoings. On a 2,643 sqm corner site, the 548 sqm childcare facility is licensed for 90 places and has a 15-year net lease.
Meanwhile, the Petit Early Learning centre at 507-511 Davidson Street in Port Douglas fetched $2.805 million. The 576 sqm centre is licenced for 88 places and is on a 2,663 sqm site, and has a triple-net lease until 2029 with a return of $197,877 per annum plus GST and outgoings.
The opening offering of the day was the Caroline Springs premises of a long-standing orthodontic practice. Shops 2 and 3, 240 Caroline Springs Boulevard, part of a commercial complex, are separately titled and have a building area of 181 sqm, and sold for $1.56 million with a new 10-year lease plus options to 2039 returning $95,000 per annum.
A medical and dental investment at Shop 3, 11-17 Pearcedale Parade in Broadmeadows, also with a new lease to 2029 and options to 2039, sold for $1.451 million. The 170 sqm space brings $90,000 per annum.
A 460 sqm showroom leased to Just Spas & Outdoors sold for $1.32 million, with a lease until 2023 plus options to 2033 returning $88,400 per annum with 4% annual increases.
On the other side of urban Melbourne, a vet clinic in Cranbourne North, at 2-4 Maksi Way, traded for $975,000. Comprising two shops on two titles, the 175 sqm space is leased to 2022 with options to 2032 and returns $59,794 per annum plus GST.
The Bakery Store at Shop 1, 141 Windermere Boulevard in Pakenham sold for $500,000. The 80 sqm space is leased until February 2023 with an option and brings in $34,608 per annum plus GST.
Near the Victoria-New South Wales border, the Warrnambool Tradelink showroom of 825 sqm, on a 1,983 sqm site at 27 Fairy Street, sold for $1.76 million with a lease to 2022 and a five-year option, bringing $117,238 per annum, while in Deniliquin, the Dahlsens timber and hardware site of 5,131 sqm at 207-209 Barham Road traded for $902,000, with a 10-year lease to 2023 and options to 2033 that returns $92,472 per annum.
The Shepparton offices of Attention Media and government-funded not-for-profit Primary Health Network sold for $881,000. The two-level 100 High Street property of 415 sqm returns a combined $80,594 per annum net.
In Colac, the two-level building at 56 Hesse Street home to ASX-listed financial services organisation Fiducian Financial traded for $435,000, with a five-year lease to July 2021 and a five-year option returning $34,214 per annum with 4% annual increases. The building is on a 105 sqm corner site zoned Commercial 1.
Australian Property Journal
