This article is from the Australian Property Journal archive
AFTER a spectacular haul for vendors on Wednesday, including 7-Eleven billionaire Bill Withers, the follow up Burgess Rawson portfolio auction event in Sydney yesterday proved to be a tepid sequel.
Six of the 13 properties on offer at the Sydney event sold under the hammer. A Fyshwick showroom and office at 9 Lyell St and a 1,341 sqm industrial facility at 141 Gunnedah Rd in Tamworth sold prior to the auction, for an overall clearance rate of just above 50%.
The previous day’s event was held in both Sydney and Melbourne and saw 7-Eleven reap $78 million from the sale of 15 service stations across Australia, and over $115 million of properties change hands.
Only two million-dollar price tags were achieved for sales yesterday. The opening offering, a 1,642 sqm childcare centre property at 75 Joshua Moore Dr in Horningsea Park, sold for $3.12 million with a lease to 2024 plys options, and a net annual income of $130,768 plus GST.
The Westpac bank branch at 173-175 The Entrance Rd, The Entrance traded for $1.56 million. Recently upgraded, the 425 sqm building brings a net yearly return of $138,607.
NAB’s longstanding brand at 160 Sharp St, Cooma – the major lender has been at the 298 sqm corner property since 1860 – sold for $905,000 with a renewed lease bringing a net yearly return of $50,919 plus GST.
A pizza shop in Canberra’s Kingston, 145/41 Eastlake Pde, fetched $725,000, returning $37,440 yearly net plus GST.
An industrial site leased to Access Fuels traded for $610,000, with a lease to 2021 plus options and a net annual return of $40,889 plus GST, and the Gundagai offices of Elders Rural Services sold for $900,000. Covering a site of 1,976 sqm, the property has been leased to Elder for over 70 years and returns $77,710 net each year plus GST.
