This article is from the Australian Property Journal archive
THE huge 31,452sqm Bunnings site in Bendigo has headlined the Burgess Rawson Portfolio Auctions in Melbourne yesterday, selling under the hammer for $14.46 million.
Circa $41.5 million of Victorian property from nine properties changed hands on the day.
Victorian properties accounted for 14 of the 28 listed for proceedings, which were handled by David Scholes of Auctionworks at Crown Casino.
The 263 High Street site in Bendigo has an upgraded 8,626sqm building and 227 on-site car spaces, and sold with a renewed five-year lease to Bunnings, with options until 2041 and returning $864,000, with annual rent reviews. The sale price reflected an initial yield of 5.98%.
The property adjoins Lansell Square Shopping Centre, which is anchored by Coles, Woolworths and Kmart.
Also among key regional sales was a United service station in Warragul, on a 1,472sqm corner site at 143 Queen Street, which sold for $5.25 million. It has a new 20-year triple-net lease until 2036 plus options to 2056, returning $340,000 per annum, and sold on a 6.48% yield.
Childcare centres again played a key role in the auction series, with an Amiga Montessori site at 163 Greens Road in the south-western suburb of Wyndham Vale selling for $6.93 million. Leased until 2032 with options until 2052 and returning $389,185 per annum net plus GST, the 819sqm facility on a 2,880sqm site sold on a 5.62% yield.
On the other side of the bay, a One Early Education Group childcare centre at 20 Elmslie Drive in Cranbourne sold for $5.12 million. The 2,185sqm corner property sold on a 5.82% yield, with a 10-year lease until 2027 and options until 2047, returning $298,000 per annum net plus GST.
Other Victorian property sales on the day included:
- 4 Leakes Road, Laverton North for $2.755 million – the 2,928sqm Woolworths petrol site kicked proceedings off on a positive note. Sold with a 15-year lease to 2029 with options until 2049, returning $107,035 per annum net
- 67 Balmoral Avenue, Springvale for $3.62 million – 1,143sqm corner site sold with a 10-year lease to childcare centre operator G8 Education until 2024 with options until 2039, returning $152,718 per annum net plus GST
- 1 Elsworth Street, East Ballarat for $2.31 million – 1,554sqm site with 21 car spaces leased to Federation University Australia on a renewed 10-year deal with an option until 2036, returning $155,801 per annum net.
- Corner Sydney Street and Main Street, Cobram for $1,622,500 –613sqm corner site leased to Bendigo Bank until 2022 with options until 2032, and Betta Home Living until 2019 plus options to 2029, returning a combined $101,323 per annum.
- 277 Wyndham Street, Shepparton for $791,000 – Carisma clothing store in a 414sqm two-level building on a 230sqm site, with a new 5+3+3+3-year lease to 2031, returning $67,500 per annum
Australian Property Journal