This article is from the Australian Property Journal archive
ADELAIDE-based Peregrine Corporation sold off two OTR fuel and convenience properties in South Australia at a commercial property portfolio auction yesterday that saw more than $64.5 million worth of assets change hands.
The Burgess Rawson event at Melbourne’s Crown Casino saw 14 properties sell under the hammer for an 85% clearance rate, and an average yield of 5.49%. It followed Tuesday’s Sydney event which realised more than $25.17 million, led by the $9.05 million sale of a Viva Energy property in Canberra’s Greenway, on a yield of 5.47%.
Peregrine’s OTR properties were located Darlington, which sold for $6.015 million, and in Marryatville, which sold for $4.83 million, both reflecting a 5.5% return. They are leased on respective 16- and 15-year terms plus options.
The biggest price achieved was for a Ritchies IGA and Australia Post in Paynesville, in Victoria’s Gippsland region, which sold for $10 million on a 5.35% yield. The property has a 2,023 sqm full-line supermarket and a 7.35-year weighted average lease expiry, with Ritchies IGA paying over 90% of the total rent.
A Moorabbin medical investment leased to Nasdaq-listed CooperCompanies’ Cell Care sold for $7.38 million, providing a return of just 4.61%. Cell Care’s lease runs to December 2032 with a five-year option. The dual-level office and warehouse facility spans 1,108 qm and is on 3,536 sqm of commercial 2-zoned land.
A Toyota dealership in Perth’s Midland netted $8.625 million, on a 6.82% yield. The 1,401 sqm showroom and service centre property is to 4,778 sqm corner site has a 12-year lease to 2030.
Also selling was a Petstock showroom and Fur Life Vet clinic, a wholly owned subsidiary of ASX-listed Apiam Animal Health, in the Victoria Surf Coast town of Torquay for $5.05 million, on a 5.17% return. Petstock has a seven-year lease to the end of 2027 with options to 2041.
