This article is from the Australian Property Journal archive
THE Spearmint Rhino gentlemen's club in Melbourne's CBD has sold at auction for $7.725 million, one of 11 properties to go under the hammer yesterday.
The 14 – 20 King St property was marketed by Burgess Rawson’s Shaun Venables and Raoul Holderhead in conjunction with Domain Commercial Real Estate’s Dean Fornaro.
It was sold under the hammer by auctioneer David Scholes from auctionworks and the price is $225,000 above expectations, following strong competition between two bidders.
The club has been operating on the site since 1993 and currently returning $442,836 p.a. it was sold with a 20-year lease plus options through to 2042, however there is a rare 12-month landlord termination clause.
The 110-year old three-level building comprises 2,076 sqm of space on a 820 sqm site zoned Capital City Zone, providing significant redevelopment potential in the future.
Overall the Burgess Rawson recorded 11 sales, including:
– A Shell petrol station at 484 – 490 Blackburn Rd Doncaster East sold under the hammer for $9,055,000. The 200 sqm occupies a 5,669 sqm site and is leased until 2049 on a current rent of $420,000 p.a. plus GST. The conjunctional agents were Newtons Real Estate.
– A Foodworks supermarket at 55 Dinah Parade Keilor East Keilor East fetched $1.95 million. The 360 sqm building set on a 370 sqm site, was sold with a 10-year lease plus options to December 2043 returning a $122,600 p.a. The conjunctional agents were Ryder Commercial.
– A retail investment at 1 – 3 Murphy St Wangaratta sold for $950,000. The 300 sqm property was sold with a five year leased with options to October 2033 on a rent of $78,537 p.a. The conjunctional agents were Garry Nash First National.
– A 250 sqm at Lot 1, 92 South Gippsland Highway Tooradin, leased to a bakery fetched $800,000.
– A 330 sqm shop at 144 Murray St Colac sold for $790,000. It is returning $55,048 p.a.
– And Shop 4, 1035 Cranbourne-Frankston Rd Cranbourne sold for $432,000.
There were also four interstate properties sold at the Melbourne auction.
– A Woolworths supermarket at 76 Sanger St Corowa, New South Wales, sold under the hammer for $7.75 million. The 2,121 sqm building set on a land area of 3,927 sqm, is leased to Woolworths until 2066 on a current net rent of $526,752 p.a.
– A 7 Eleven petrol station at 85 Logan River Rd Beenleigh, Queensland sold for $3.29 million. The 2,573 sqm is leased to 7 Eleven until 2024 on a net income of $226,119 p.a.
– A Caltex service station at 629 Ruthven St Toowoomba, QLD sold for $2.07 million.
– And finally lots 2, 3, 6 & 7 at 171 Westbury Rd Prospect in Launceston, Tasmania sold for $1.713 million. The conjunctional agent was Knight Frank.
Australian Property Journal
