This article is from the Australian Property Journal archive
A TROPHY large-format retail asset occupied by Petbarn, Supercheap Auto and BCF in Mount Gambier sold for $7.11 million at Burgess Rawson’s Melbourne portfolio auction yesterday, which netted a 78% clearance rate.
That followed a string of entry-level investments selling at Tuesday’s Sydney auction.
Fast food was a feature yet again at Crown Casino yesterday. A McDonald’s in outer Perth’s Yanchep with a 20-year triple-net ground lease sold for just over $4.75 million on a 3.91% yield, while adjoining pizza and fish and chip shops with brand new five-year leases in Rye, on the Mornington Peninsula, traded on similarly tight respective yields of 3.70% and 3.77%.
The Oporto in Carlton, on the Melbourne CBD fringe, sold with a brand-new 10-year head office lease for $2.77 million at 5.05%, while another pizza shop in Doreen sold for $955,000, on a 5.50% return.
Diamond Creek’s Golden Hills Brewery sold for $2.225 million on a 4.10% yield, while the Discovery Bay early learning centre in Rowville fetched $4.58 million, at 5.50%.
The Mount Gambier asset achieved the day’s biggest price tag. It has renewed five-year leases across its 2,485 sqm of showrooms, and an additional 727 sqm from a separate F45 studio and storage sheds.
A land-rich 405 sqm Ashburton corner retail site home to Commonwealth Bank, where the major lender has been given notice to vacate in August next year, sold for $2.86 million.
On Tuesday, Sydney’s offering was a feast for entry-level investors. Adjoining retail units in and around the Gosford Private Medical Centre leased to medical tenants and a café sold from $225,000 to $1.8 million, and two retail and office units in DOMA-Englobo’s newly completed DKSN 2.0 precinct in Canberra sold for $710,000 and $770,000
