This article is from the Australian Property Journal archive
INVESTORS have pounced on two Super Cheap Auto properties in Adelaide worth over $5 million.
Savills recently auctioned two Super Cheap Auto properties, at Darlington and Para Hills West.
The property at 1495 Main South Rd Darlington fetched $2.85 million, showing 7.1% return.
And the property at 450-452 Bridge Rd Para Hills West was sold for $2,25 million, showing 8.3% return.
Savill’s Steve Bobridge said the properties attracted keen interest due to the long term standing tenant of Super Cheap Auto Pty Ltd, which recently extended their lease for a new 7 + 7 year term from August 2010.
The Darlington property comprises a 1,661 sqm building which includes a Midas Car Care Centre sublease on sits a land area of 8,289 sqm.
The Para Hills West property comprises a 1,772 sqm building including Midas Car Care Centre sublease and sits on a land area of 7,747 sqm.
“The properties also benefit from high profile locations and large land areas,” he pointed out.
These two sales, totalling $5.1 million, together with the sales of 8 Hungry Jacks properties, brings the total value of investment properties sold by auction by Savills since August 2009 to $22,825,000 showing yields ranging from 5.67% to 8.3% return.
Australian Property Journal
