This article is from the Australian Property Journal archive
OVER $67 million worth of properties were sold under the hammer in Sydney yesterday with three Woolworths leased assets fetching over $30 million.
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Auctionworks auctioneer David Scholes said yesterday`s Burgess Rawson portfolio sale produced another strong result for the third month in a row.
The morning event had two properties go under the hammer. Auctioneer Jesse Davidson sold a prime development site at 55 Addison Rd Marrickville for $2.371 million.
The 372 sqm site was marketed by Raine & Horne Commercial`s Luke Smith and Nicholas Smith. Improvements consist a 360 sqm building leased to a panel beater workshop. The site is zoned B5 Business Development and is suitable for a mixed-use development (STCA).
The Burgess Rawson portfolio auctions initially had 24 listings, but 22 properties were auctioned after one property sold prior and another was withdrawn.
Scholes said the turnout was very strong with the event attracting over 250 people.
He added that there are no signs investors` appetite is waning as evidenced the sale of a vacant bank repossessed childcare centre at Engadine in Sydney`s south. The 40-places facility located at 113 Banksia Avenue sold for $2.31 million, with up to 20 groups contesting for the vacant asset.
Although the big ticket items were three Woolworths-leased assets, with each asset attracting six to seven bidders.
Located at 61 Mabo Boulevard Gungahlin in the ACT, a Woolworths anchored neighbourhood shopping centre sold under the hammer for $11.675 million. The 5,365 sqm site comprises a Woolworths supermarket, BWS and four shops, returning a net income of $740,437 p.a.
At 169 Crawford St Queanbeyan, 16km from Canberra, a brand new 1,400 sqm retail property and 41 car spaces sold for $11.30 million. It was sold with a new 15-year lease to liquor chain Dan Murphy`s on a net income of $533,131 p.a.
A freestanding 1,721 sqm store with 39 car parking spaces leased to Dan Murphy`s at 328-332 Victoria Rd Gladesville in Sydney`s west sold for $11.51 million. It was sold with a new 15-year lease on a net income of $527,006 p.a.
Other sales include:
– 481 Princes Hwy Rockdale, a retail property leased to ANZ on a net income of $152,590 p.a. sold for $3.40 million.
– 30 Central Coast Hwy Gosford, a 2,042 sqm property leased to automotive parts retailer Repco returning $134,986 p.a. sold for $2.31 million.
– 2 Ocean Parade The Entrance, a 1,069 sqm property leased to fast food chain KFC on a net income of $197,080 p.a. sold for $3.925 million.
– 16-18 Magnolia Drive Hervey Bay, a 2,400 sqm property operating as a 72 places childcare facility leased to G8 Education for $118,264 p.a. sold for $1.67 million.
– 155 Hughes Rd Bargara, Queensland, a 7,891 sqm site operating as a 75 places childcare facility returning $118,281 p.a. sold for $1.71 million.
– 43 Brighton Rd Sandgate, QLD, a 284 sqm shop leased to ANZ Bank on a net income of $100,322 p.a. sold for $1.81 million.
– 4/2 Ann St Nambour, QLD, a Westpac branch returning $101,296 p.a. sold for $1.49 million.
– 5/43 Macrossan St Port Douglas, QLD, a Westpac branch returning $131,369 p.a. sold for $1.765 million.
– 314 Victoria St Darlinghurst, a 149 sqm shop leased to burger chain Grill`D on a net rental of $137,500 sold for $2.70 million.
– 3/4 Rangers Rd Neutral Bay, a 122 sqm shop leased to a Chinese restaurant returning $152,460 p.a. sold for $2.05 million.
– Level 6, 261 George St Sydney, a 339 sqm fully leased office floor returning $157,480 p.a. sold for $2.725 million.
– 246 Princes Hwy Bomaderry, a 4,047 sqm property operating as a Caltex service station on a net rental of $106,178 p.a. sold for $1.515 million.
– 29 Saleyards Rd Parkes, a 599 sqm warehouse on a 2,395 sqm site leased to agribusiness products supplier Agrium Group on a rental of $72,053 p.a. sold for $938,000.
Australian Property Journal
