This article is from the Australian Property Journal archive
INVESTORS picked up $14 million worth of commercial property assets at a portfolio auction yesterday, including a Bridgestone tyre and auto service site in Melbourne’s eastern suburbs on a net 4.15% yield.
Seven out of the 12 properties sold at the Burgess Rawson, which was held at Melbourne’s Crown Casino, and followed an event in Sydney on Tuesday that saw three properties sell under the hammer for $18.2 million.
The Bridgestone facility in Kilsyth South opened proceedings and sold for $3.305 million. Bridgestone has a five-year lease to December 2027 with a five-year option over the 3,142 sqm site, which has industrial 1 zoning.
That was followed by a pair of assets located in Australind, north-east of Bunbury. A new 786 sqm Supercheap Auto investment on 1,552 sqm of land sold for $3.455 million at 5.12%, with an eight-year lease to 2032 to ASX-listed Super Retail Group, plus options, while a recently-built 586 sqm Salvos store with a lease to 2038 plus options fetched $2.325 million, on a 6.30% return.
A high-performing Nido Early School childcare centre in the Macedon Ranges’ Woodend sold for $3.342 million, on a yield of 6.03%. Nido’s 10-year lease over the 3,162 sqm site runs to 2029 and has options to 2059.
Also selling was a medical investment in the south-west Melbourne suburb of Werribee, comprising two upgraded clinics occupied by a chiropractic and radiology clinic and a mental health clinic, on respective leases of five and three years. The $2.601 million sale price showed a 5.46% yield.
A Cellarbrations in eastern Melbourne’s Monbulk sold for $1.2 million, on a 5.18% yield, and a new Indian restaurant premises sold for $1.032 million, at 5.99%.
