This article is from the Australian Property Journal archive
APPROXIMATELY $50 million worth of commercial and retail investments were sold under the hammer at Crown Casino yesterday by Burgess Rawson.
Burgess Rawson sold 19 properties across Victoria, New South Wales, Queensland, ACT and Tasmania — 18 under the hammer and one sold prior to auction.
In Victoria, five properties were sold, the big ticket item was a Home Timber and Hardware store at 103 Geelong Rd Footscray for $3,110,000.00. It was sold with a brand a new three plus 3 x 3 year lease HTH, which is 67% owned by Woolworths and 33% by Lowes. The property comprises a 1,594 sqm two storeys building on a 3,121 sqm site. The commencing rent is $180,000 p.a. and rent is reviewed annually to CPI capped at 3.5% with market reviews capped and collared at 10% at commencement of option periods.
A medical centre at 172 Welsford St Shepparton sold for $1.815 million. The property is leased for 10 years plus 2 x 5-year options through to 2027. The 573 sqm centre is occupied by 13 doctors and incorporates Healthscope Pathology, returning $130,003 p.a.
A retail property at 162 Murray St Colac fetched $1.17 million. The property has been occupied to Australia Post since 1996 and is currently a on five plus five years lease, returning $66,212 p.a. with annual 3% increases and market review at option. The 250 sqm building sits on a 395 sqm site.
Finally two small investments, a Bendigo Bank branch at Shop 2, 104-108 South Gippsland Highway, Tooradin sold for $446,000.00 and a pharmacy at Shop 3 at the same address sold for $465,000.00.
In NSW, buyers splurged on big purchases. A McDonalds restaurant on the corner of Hoxton Park Rd and Lyn Parade at Prestons sold under Hammer for $6,450,000.00. And a Hungry Jacks outlet on the corner of Pembroke and Brookfield roads, Minto sold for $2,835,000.00.
At Minto, an Aldi supermarket on the corner of Pembroke Rdd and Monaghan St fetched $4,885,000.00.
And Bunnings Warehouse at 9-10 June Court, Warragul sold for $4,632,000.00. Another DYI centre, a Home Timber and Hardware store at 1 Aurora Avenue, Queanbeyan sold for $3,275,000.00.
A retail property leased 1st Choice Liquor at 199 The Entrance Rd Erina sold for $4,500,000.00. Whilst ANZ Bank branch 215 George St Windsor fetched $1,176,000.00.
A childcare centre at 45 Riddell St West Hoxton sold under the hammer for $1,630,000.00.
Finally a strata block at Top Ryde Centre at 4 Curzon St Ryde sold prior to auction.
In South Australia, an office building leased to a Woolworths subsidiary at 1 Endeavour Drive Port Adelaide sold under the hammer for $712,000.00.
In Tasmania, three Home Timber and Hardware stores across the state sold at auction. At 10 & 12-14 Sorell Street, George Town the store sold for $458,000.00. A second property at 46-52 Alexandra Rd Ulverstone sold for $1,745,000.00 and a third property at 104-108 Alexander St Shearwater fetched $890,000.00.
In the ACT, a Home Timber and Hardware store at 251 Hindmarsh Drive Phillip sold for $4,570,000.00.
And in QLD, an office leased to Goodman Fielder at 7-21 Enterprise St Bohle sold for $3,370,000.00.
Property Review
