This article is from the Australian Property Journal archive
NEARLY $15 million has been spent on a northern beaches Officeworks at yesterday’s Burgess Rawson portfolio auction event.
Ten out of 17 properties on offer sold under the hammer.
The freehold Officeworks investment at 51-57 Barrenjoey Rd, Mona Vale was the second offering of the day and traded for $14.75 million. Wesfarmers-owned Officeworks has occupied the 3,667 sqm site since 2002 and returns an annual net rental of $784,000 plus GST on a lease running until December 2024 with options and 4% annual increases.
Just over $3.7 million was paid for a childcare investment in the south western suburb of Hammondville. St George Montessori has a 15 year lease with 10 year options at 13 Walder Rd and pays a net yearly rent of $190,000 plus GST and outgoings.
In exclusive Potts Point, the premises of Royal Bakery at 5/111 Darlinghurst Rd, part of the prestigious Omnia development, sold for $2.78 million. The 91 sqm shop brings a net annual income of $134,070 plus GST.
Across the harbour, a dual fronted character building within Mosman’s Myuguah Mews shopping precinct sold for $2.6 million. Recently renovated, 561 Military Rd has a building area of 156 sqm and has been tenanted by Simeon Manners.
An even $2 million was paid for of Mt Isa offices of BOC Ltd, which has taken out a new 10 year lease an option for the 5,327 sqm site at a net annual rent of $155,000 plus GST. BOC has been at the 990 sqm building since it was built in 2004.
Also selling yesterday were:
- 882a Pittwater Rd, Dee Why, NSW – a vacant retail building of 234 sqm traded for $1.205 million
- 14/111-113 Griffith St, Coolangatta, QLD – BWS has a lease until 2022 plus a seven year option for the 91 sqm shop, which sold for $1.215 million
- 2/56 The Entrance Rd, The Entrance, NSW – a whole strata-titled floor of 256 sqm sold for $575,000 with a net annual rent of $45,000 plus GST from The Entrance Backpackers
- 445-451 Argent St, Broken Hill, NSW – an investor snapped up the Hungry Jack’s restaurant for $1.701 million. Hungry Jack’s has a 10 year net lease with an option over the 2,199 sqm property and pays $142,891 plus GST in rent each year
- 2 & 32/11 Peal St, Kingscliff, NSW – the Commonwealth Bank branch of 158 sqm sold for $1.48 million with a renewed lease until October 2022 and options to 2024 that bring a net annual return of $108,817 plus GST
There are 21 properties going to auction at today’s Melbourne portfolio event at Crown Casino.
