This article is from the Australian Property Journal archive
COMMERCIAL property investors snapped up more fast food outlets, medical centres and a rare inner-city childcare centre at a portfolio auction in Brisbane yesterday.
The Burgess Rawson auction followed the agency’s Sydney event on Wednesday that saw investors snap up all 14 assets on offer, with fast food outlets, childcare centres and service stations headlining the circa $54 million in sales.
On Tuesday, investors in Melbourne claimed more than $15 million worth of properties.
In all, the three days saw 181 registered bidders and $87 million in sales on a blended yield of 5.52%, from a 91% clearance rate.
Fast food assets again claimed the sharpest yield mantle at the Brisbane event, with an entry-level KFC freehold in Ayr selling for $3.105 million, on a 4.75% return. The 2,023 sqm Bruce Highway site has a 10-year lease to Collins Foods to 2026 plus options to 2034.
The biggest price paid on the day was $5.38 million, for an inner Brisbane childcare centre in Dutton Park with a brand-new 15-year lease to Chatterbox Early Learning. That represented a yield of 4.84%.
Two regional medical investments sold under the hammer. The Gladstone Veterinary Clinic, with a newly renewed seven-year lease with five-year options sold for $850,100, at 7.21%. A 2,613 sqm Toowoomba site with a medical centre occupied by Sonic Healthcare, Withcott Medical Centre and Withcott Pharmacy sold for $2.936 million, at 7.43%.
Also selling was the building home to 24/7 gym Maryborough Fitness Health & Bodyworks, with six years remaining on its lease and two five-year options, for an even $1 million at 6.27%.
An entry-level auto mechanics investment in Beenleigh sold with a brand-new lease to a longstanding tenant for $1.53 million, at 5.81%.
