This article is from the Australian Property Journal archive
ANOTHER $20 million worth of commercial property was snapped up at a portfolio auction yesterday, including a brand-new dual-income fast food investment that sold under the hammer for $8.7 million.
The Burgess Rawson event in Brisbane, run by Auctionworks, saw all five assets sell and followed this week’s events in Sydney and Melbourne that saw more than $32 million worth of properties change hands.
Yesterday’s event was headlined by a Bundamba investment, which traded on a 5.57% yield. It’s occupied by Banjo’s Bakery Café on a 15-year lease plus options to 2058, and a 10-year lease to Subway plus options, and stands on a 2,606 sqm site in Ipswich.
An investor acquired a trophy Brisbane childcare asset, in Cannon Hill, for $5.45 million. National operator Edge Early Learning has a 15-year lease to 2035 with options over the 765 sqm facility, which is licensed for 115 places.
Also selling were a pair of Bridgestone sites. A tyre and auto service site in Condon sold for $1.9 million, on a 5.81% return and with a 10-year lease, and a Rocklea truck service centre on 5,166 sqm of land sold for $2.73 million, at 6.15%. Bridgestone’s lease runs to December 2027 with an option.
Bridgestone tyre and auto service site in Melbourne’s eastern suburb of Kilsyth South sold for $3.305 million on a net 4.15% yield at Wednesday’s event.
The fifth sale at yesterday’s event was a Pets Domain showroom in Mornington, for $1.53 million at 7.84%. Pets Domain has a brand-new seven-year lease with multiple five-year options.
