This article is from the Australian Property Journal archive
THE home of CBD bar and restaurant Bistecca has been snapped up for $6.5 million at the first Burgess Rawson portfolio auction of the year in Sydney, ahead of today’s bumper Melbourne edition.
Five out of eight properties offered at yesterday’s event were sold under the hammer, for a total of $19,220,000, while a Port Macquarie retail building leased to surf and skatewear brand Stormriders sold prior to the day.
The Bistecca property at 4 Bridge Street traded on a yield of 5.83%. The tenant undertook a $1 million fit-out at the 291 sqm property and has a 10-year lease to 2028 plus a seven year option.
“Recently we’ve seen great interest in food and beverage, medical and dental assets and today did not differ,” Burgess Rawson’s Darren Beehag said.
“The ongoing demand and necessity through the pandemic has made these properties highly attractive for investors” he said.
A long-established Sydney dental practice located at 641 Blaxland Road in Eastwood sold for $3,115,000, on a yield of 5.27%. Beehag said the 674 sqm property received over 150 enquiries from domestic and international investors.
641 Blaxland Road in Eastwood
In Harrington Park, a high occupancy childcare centre leased to ASX-listed G8 Education was snapped up for $3,105,000. The yield of 4.65% was the sharpest legal to buy ambien online achieved. G8 has a 10 year lease running to 2024, plus options to 2039.
“A credit to its safe and secure income, the asset was a highly sought-after property with locality in a growth area of Sydney,” Beehag said.
The Westpac branch in Bathurst fetched $3,050,000, reflecting a yield of 5.78%. The major lender has a lease to 2024 plus options to 2023 and occupies the ground floor, with a four-bedroom residence and office above. The building is on a parcel of 1,480 sqm.
G8 Harrington Park
An investor bought a commercial complex anchored by ANZ and leased to a medical centre, office and café with a winning bid of $3.45 million. The Singleton property in the Hunter Valley is perched on a 1,100 sqm dual fronted landholding and has potential for strata conversion. The sale price represented an 8.72% yield.
The event, smaller than auctions typically held as part of the Burgess Rawson series, shapes as a warm-up to the Melbourne edition. There are 23 properties going to the hammer at Crown Casino at today’s event.
