This article is from the Australian Property Journal archive
SHORTLY after being passed in, a freestanding Coles supermarket in Drouin has sold for $12.5 million at the final Burgess Rawson portfolio auction event for the year.
Eleven of the 21 properties offered yesterday’s Melbourne edition of the series sold under the hammer, and a United petrol station at 33 Main Rd in Tasmania’s Wivenhoe sold prior.
Tuesday’s Sydney event saw 10 out of 17 properties on offer trade under the hammer.
The Coles supermarket in West Gippsland is on a corner landholding of 4,874 sqm at 10 Hope St and has a 20 year lease with two 10 year options to 2043 with a net annual income of $642,106.
Ballarat was home to some of the day’s biggest price tags. An investor paid $8.7 million for the Peter Stevens auto dealership in Ballarat, which underwent a $5 million refurbishment two years ago. On a sizable 7,383 sqm mixed use site with a 245 metre triple street frontage, the property brings a yearly income of $540,000 plus GST from a new 10 plus 10 year lease.
At 1320 Howitt St, one buyer pounced on the Snooze and Plush showrooms, both leased for seven years plus options, on 4,109 sqm of land with an annual net income of $417,490.
Queensland assets were prominent throughout the day. A 7-Eleven service station at 62-64 Beerburrum Rd, Caboolture in the Moreton Bay region sold for $5.585 million, leased for 15 years and bringing net annual rent of $340,112, and another property leased to the convenience giant in Toowoomba, at 434-438 Stenner St attracted a winning bid of $4.935 million. Also leased for 15 years, with options, the 1,738 sqm property brings a yearly rent of $298,187.
In Pimpama, a brand new car wash site leased to Hoppy’s sold for $2.245 million. The south east Queensland chain has a 10 year lease with a 10 year option bringing a net return of $130,500 plus GST each year.
Childcare centres in the sunshine state were also knocked down at the event. Edge Early Learning at 254-258 Buckland Rd in Nundah sold for $4.975 million, with a new 15 year triple net lease plus options bringing a net return of $290,500 plus GST and outgoings, and a G8 Education centre at 15-17 Stitt St, Innisfail sold for $1.825 million. The ASX-listed operator pays a net rent of $127,308 each year on a 20 year lease with a 10 year option/
Another childcare centre, in Melbourne’s Black Rock, traded for $5.055 million. Story House Early Learning has a 15 year lease plus options running to 2053, the multi storey facility returns net annual income of $255,453 plus GST and outgoings.
A Woolworths convenience and petrol station in the northern suburb of Coburg sold for $5.22 million. Woolworths has a lease with options until 2043 bringing net rent of $264,790 per year.
Burson Auto Parts in Tasmania’s Devonport, at 53 Don Rd, fetched $655,000 and brings $42,920 plus GST net each year, and a Kyabram office building at 147 Fenaughty St, in the Goulburn River Valley, sold for $1.603 million. Multiple corporate tenants occupy the building for a net annual income of $143,419 per annum plus GST.
