This article is from the Australian Property Journal archive
THE latest Burgess Rawson portfolio auction event has landed a 66% clearance rate at yesterday’s event in Sydney’s Doltone House, with hospitality and fast food-tenanted properties the order of the day.
A Bondi Beach retail investment landed the day’s biggest price tag, selling for $3.11 million. The 84 sqm ground floor property, at 5/84 Campbell Pde, is leased to Italian restaurant Cento per Cento for five years plus a five year option and returns a net annual rent of $115,470 plus GST.
The final property to sell under the hammer at the event was a G8 Education childcare centre at 10-12 Broadbent Avenue in Middleton Grange that sold for $3.025 million. The 639 sqm centre is on 1,069 sqm of land and is leased 2023 with options, and brings an annual net rent of $116,537 plus GST.
Second up was a Supercheap Auto showroom on a 1,584 sqm site at 14 Forbes St in Parkes selling for $2.575 million, with a long 10-year lease plus two five year options bringing a net income of $153,830 plus GST.
Also in Parkes, an entry level investment leased to Domino’s Pizza for 10 years 2026 plus option fetched $690,000. The 246 Clarinda St property of 160 sqm returns $35,412 per annum net, plus GST.
Next up was the Goulburn Red Rooster outlet of 367 sqm at 228 Auburn St, which sold under the hammer for $1.31 million with seven-year lease to 2024 plus options and a net annual income of $83,698 plus GST.
A café in the lower north shore suburb of Cammeray, marketed as a trophy investment, sold for $1.61 million with a five-year lease with an option. The property has a residence and returns a net annual rent of $73,367 plus GST.
In Padstow, two adjoining shops at 1 Padstow Pde sold for $1.75 million. Shop 1A of 56 sqm is leased to Sushi Shop and returns $41,667 plus GST annually, and Shop 1 of 100 sqm is vacant.
A Parramatta restaurant on the ground floor of the V by Crown and Skye Hotel project sold for $1.9 million. With inside and alfresco seating for 82 people, the 101 sqm 3/140 Marsden St is leased for five years plus option with a net annual income of $122,534 plus GST.
Completing the suite of food-oriented assets was a Subway and Metro Petroleum site of 3,035 sqm at 407 Wagga Rd in Lavington, which sold for $1.375 million. Its current lease runs until 2021 with options and returns a net annual income of $93,310 plus GST.
Large format retail assets were also a feature on the day. As well as the Supercheap Auto property, Furniture One and Harvey Norman showrooms also changed hands.
A furniture store of 1,275 sqm with a renewed lease to the national retailer at 14 Stockland Dr in Kelso sold for $2.010 million, returning a net annual rent of $158,836 plus GST, while the Harvey Norman freehold investment at 329-331 Blende St in Broken Hill traded for $1.090 million. The 1,212 sqm showroom is leased to November 2022 plus options and brings a net annual income of $108,032 plus GST.
The dual level 430 sqm brick building home to Westpac in the Hunter region town of Scone, at 170-172 Kelly St, sold for $730,000. The major bank has a lease until 2022 plus options returning an annual rent of $48,822 plus GST.
