This article is from the Australian Property Journal archive
A PURPOSE-built ambulance station occupied by Ambulance Victoria sold on a 3.96% yield at a portfolio auction yesterday, which saw an 89% clearance rate.
Bidding started at $2.1 million for the Princes Highway ambulance station in Narre Warren, in Melbourne’s south east, which has a new six-year lease and a further six-year option. The corner site covers 1,406 sqm of land and has a combined 75-metre frontage, and eventually sold for $3,030,000.
A trophy Sunbury town centre investment occupied by Westpac and bar Piano on Evans fetched the highest price of the day, at $2.601 million, representing a 6.13% yield. The major lender has a lease to 2026 with options while the bar’s lease runs to the middle of 2027 with options to 2037.
The double-storey building has 756 sqm of floor space and is on 513 sqm of land.
The Pakenham offices of Sure Real Estate Agency sold with a new seven-year lease plus options for $790,000, on a 5.65% return, while an Amcal Pharmacy on a 303 sqm corner site in Horsham sold for $1.63 million, at 5.87%. The site was offered to the market for the first time in 75 years and has been home to a pharmacy since circa 1890. It has a lease 2027 and a five-year option.
Also in Horsham, the home of Chickpea Café sold for $486,000, on a 6.12% yield, with a renewed three-year lease and options to 2032.
Also selling was a Pets Domain showroom in Kadina, on South Australia’s York Peninsula, for $1,031,000 at 7.16%, and the Pharmacy Alliance property in Beaconsfield, Tasmania, for $625,000, at 7.20%.
