This article is from the Australian Property Journal archive
A SMEATON Grange industrial site has headlined sales at a largely indifferent Burgess Rawson portfolio auction in Sydney yesterday, which saw 10 of the 22 offerings sell under the hammer.
One auction was postponed and four sold prior to auction, for a clearance rate above 50%.
The 43 Dunn Road warehouse property in Smeaton Grange, in Sydney’s south-western suburbs, sold for $7.15 million. The 4,919 sqm corner site has a 2,605 sqm showroom and office building, and has a 10-year lease until 2025 and five-year option to ASX-listed CSR Limited, currently returning $374,746 per annum net.
A substantial 7,194 sqm childcare centre site at 136-140 Gympie Road in Brisbane’s northern suburb of Strathpine sold for $6 million, with a new 15-year lease and options until 2052 to not-for-profit C&K Childcare, bringing in $354,063 per annum. It has a gross building area of 1,012 sqm.
Another childcare centre, at 1-3 Cathie Road in Port Macquarie, sold for for $4.17 million. The 3,120 sqm corner property has a 475 sqm, 100-place Little Beginnings centre with a 20-year lease and two 10-year options until 2057, returning $260,000 per annum plus GST net.
In the southern Sydney suburb of Oatley, the vacant 778 sqm corner site at 66 Mulga Road with approval for a 49-place childcare centre sold for $2.35 million.
The day’s first offering, a Caltex service station at 10 Limestone Drive in Jerrabomberra, sold for $1.47 million. The 3,260 sqm property has a ground lease to Woolworths until March 2022 and options until 2042, with a net annual income of $71,628 per annum plus GST.
That was followed soon after by the $6 million sale of a brand new Shell Coles Express-branded service station at 2 High Street in Queanbeyan, leased to Viva Energy on a 10-year deal with options until 2047 and returning $390,000 per annum plus GST.
One investor paid $2.422 million for the Woy Wow NAB bank branch on the Central Coast. The two-storey building is on a corner site of 468 sqm at 40 Blackwall Road, and brings in $145,559 per annum plus GST with a 3+3+3-year deal to NAB from August 2017. The property has a B2 Local Centre Zoning, allowing for a development height of 19.8m and FSR of 2:3.
A corner office building at 81-83 Victoria Street in Grafton traded at $835,000, with leases to financial and community services tenants including AFA, Taylor Byrne, State Plus and ABCARE, returning a combined $77,464 per annum plus GST.
The 42.7 sqm Shop A3, 118 Terry Street in Rozelle sold for $700,001, with a lease to boutique wine merchant Empty Glass until 2021 with an option until 2026, bringing $37,856 per annum plus GST net.
The last property to change hands on the day was the Dorrigo Plateau Pharmacy, at 67 Hickory Street, for $666,000. The 505 sqm site has a 435 sqm building and is leased until 2022 with options through to 2037, returning $54,636 per annum.
Jesse Davidson of Auctionworks handled proceedings at 50 Margaret Street in Sydney.
Attention will now turn to Crown Casino in Melbourne for today’s Burgess Rawson portfolio auction.
Australian Property Journal
