This article is from the Australian Property Journal archive
COMMERCIAL property investors snapped up more than $25 million worth of commercial real estate at a portfolio auction yesterday, which saw a clearance rate of 80%, headlined by the sale of a Canberra petrol station.
Burgess Rawson’s first day of this week’s event, starting out in Sydney, saw the $9.05 million sale of a Viva Energy station in Greenway, on a yield of 5.47%.
Viva has a renewed 10-year lease until 2032 over the 3,129 sqm corner landholding, with further options to 2052.
Guy Randell, managing director of Burgess Rawson ACT, said, “Our campaign generated robust inquiry, attracting attention from neighbouring property owners and interstate investors, which highlights the strength and desirability of the asset class we are representing.”
The property was knocked to a Canberra-based investor.
Randell said strong interest and competitive bidding during the auction underscore the resilience of commercial properties, particularly in sectors that continue to thrive.
“This strong demand across sectors like convenience retail and early education is a testament to their fundamental value and long-term growth potential.”
An Affinity Education Early Education asset in Budgewoi, on the Central Coast, sold for $3.2 million on a return of 4.74%. The renewed 10-year lease at the 46-place centre runs to 2032 with two further options.
At Wisemans Ferry, a Friendly Grocer supermarket and medical centre combo attracted spirited bidding before selling for $2.39 million. The property has seven commercial and two residential tenants and sold on a 6.74% yield.
Day two kicks off at Crown Casino in Melbourne at 10.30 this morning before moving to The Hilton in Brisbane on Thursday.
The Melbourne portfolio will see Peregrine’s portfolio of three OTR convenience retail outlets including one which also houses Krispy Kreme’s factory, an investment leased to Cell Care in Moorabbin and a Shell service station in Yarraville.
