This article is from the Australian Property Journal archive
A RED Rooster, Oporto and Caltex site on the Gold Coast has changed hands for $14.75 million, while at a portfolio auction yesterday a trophy western Sydney convenience retail investment sold under the hammer for $7.375 million.
Both assets were sold through Burgess Rawson, with the Upper Coomera asset on the Gold Coast sold in conjunction with Crew Commercial.
The 8,672 sqm corner freehold site sold on a 6.1% yield and is fully leased, with brand new leases in place for up to 15 years, offering options extending through to 2073. Combined net annual rental income is just over $902,000. Constructed in 2023, the property also offers significant depreciation benefits.
It is strategically positioned in a major retail and commercial hub, surrounded national tenants including Coles, Aldi, McDonald’s, Hungry Jack’s, Dan Murphy’s, and Guzman y Gomez, and is directly adjacent to the Woolworths-anchored Coomera Square, which is home to an additional 27 specialty shops.
Meanwhile, Burgess Rawson’s portfolio auction in Sydney was headline by the sale Liverpool Ampol service station, which traded on a 5.56% yield. On a 3,780 sqm landholding, the investment has a 15-year net lease to 2031 plus options to 2041 to global fuel company EG Group, and is located opposite McDonald’s, Dan Murphy’s and a large-format retail centre.
Also selling was a Petstock-anchored retail centre in Coffs Harbour for $6.415 million, on a 5.98% yield. Tenants at the 3,402 sqm property include Sportspower, Toywold and Ventoux Cycles. The property is adjacent to Park Beach Plaza Shopping Centre and McDonald’s, Aldi, Woolworths, Toyota and KFC.
Other Petstock investments selling were a Gordonvale site with a lease to 2037 plus an option for $667,000, on a 6.12% yield, and a Leeton investment for $1.245 million, at a similar 5.97% return.
The Petstock assets are part of a $15 million portfolio Ascot Capital is looking to divest two years after acquisition. The portfolio is headlined by an offering in Prahran, in Melbourne’s inner south, which will go to auction at Burgess Rawson’s Melbourne portfolio event today.
Petstock, Australia’s second-largest pet retailer, had a 55% stake acquired by retail giant Woolworths in 2022 for $586 million. Petstock has 276 stores nationally and annual revenue of approximately $208 million.
A pair of Goodstart Early Learning childcare investment properties sold on relatively tight yields. A Highland Park centre sold for $3.45 million, at 4.16%, while a Beaudesert facility sold for $2.84 million, at 4.34%.
