This article is from the Australian Property Journal archive
A TROPHY Toyota dealership site in northern Tasmania fetched $7.5 million, headlining the first of a series of three portfolio auctions along the eastern seaboard this week.
Commercial property investors picked up more than $15.25 million worth of assets at the Burgess Rawson event at Melbourne’s Crown Casino yesterday.
The 5,038 sqm Devonport site, at 37-41 Best Street, traded on a 5.99% yield. It has a 10-year lease to 2030 plus two further 10-year options to the Tony White Group.
The corner site is home to a dominant Toyota Dealership and Isuzu Ute sales and service centre plus and a Volkswagen authorised service outlet, bringing a total yearly income of nearly $450,000 plus GST.
It has been in the Gowans family since 1969 and was redeveloped in 2009. The family sold the business to the Tony White Group in 2020.
Two medical suites within the St John of God Granada Medical Centre in central Geelong also sold under the hammer. Lots 2 and 3, 88 Myers Street transacted for $1.4 million on a yield of 6.49%. The 183 sqm asset is leased to Australian Clinical Labs and Kiddies Eye Care.
Lot 24 sold for $1.325 million, on a yield of 5.97%.
An entry-level Leongatha asset leased to DF Fitness Centre sold for $596,000 on a tighter yield of 4.71%.
The former home of Christopher & Alexander’s Lighting at 146 St Kilda Road in Melbourne’s St Kilda transacted for $1.201 million, at 6.51%.
Two showrooms in regional Victoria also sold. A 1,230 sqm building in Horsham with a new 10-year lease to Pets Domain sold for $1.9 million, on a 6.51% yield, and a Jaycar store in Traralgon sold for $1.32 million, with a lease to 2029, at 5.84%.
