This article is from the Australian Property Journal archive
THE Reserve Bank’s historic interest rate cut on Tuesday failed to spur Melbourne commercial property investors at this week’s Burgess Rawson portfolio auction.
Only six properties from the 15 offered via Auctionworks sold under the hammer.
The auctions at Crown Casino came a day after the agency’s successful Sydney portfolio event, which netted 10 sales at auction from 17 listings, with two properties selling prior to auction.
Meanwhile in Melbourne yesterday’s, the sales included:
- 946 David Low Way, Marcoola (QLD) for $1.78 million – 312sqm retail space leased to Subway until 2022 with options to 2035, returning a net income of $125,844 per annum plus GST
- 2/18 Thomas Street, Noosa (QLD) for $1.03 million – 307sqm store with the Noosa Home Maker Centre leased to Toyworld until 2019 with options to 2024, returning $73,281 per annum
- Lots 6 & 7 (Ground Floor), 545 McDonalds Road, South Morang for $1.95 million – 930sqm National Tiles outlet with 24m frontage, sold with a five-year lease until 2019 with options to 2034 and returning $149,520 per annum
- 469 Rokeby Road, Howrah (Tasmania) for $2.31 million – 1,266sqm shopping centre with 120m frontage and returning $227,756 per annum plus GST from multiple tenancies
- Unit 24, 547 Woolcock Street, Townsville (QLD) for $990,000 – modern warehouse with office space sold with a new 5+5-year lease to Spotless to 2026, returning $77,910 per annum
- Unit 6, 547 Woolcock Street, Townsville (QLD) for $1.08 million – 924sqm modern corner warehouse with office unit sold with a 6+5-year lease to Vetro Windows, returning $100,658 per annum
Australian Property Journal
