This article is from the Australian Property Journal archive
AFTER an indifferent overall result in Sydney on Tuesday, investors snapped up 11 of 16 properties on offer at the Melbourne edition of Burgess Rawson’s property portfolio auction at Crown Casino yesterday.
Five childcare centres changed hands, and including the Wyndham Early Learning centre in Shepparton that sold prior to auction, a clearance rate of more than 70% was achieved after the Sydney event crawled just past 50%.
The 617 Wyndham Early Learning centre has a new 769 sqm childcare facility with a 20-year lease until 2036 and two 10-year options bringing $192,925 per annum net, and is on a 4,859 sqm site with surplus land offering residential development potential.
Two Little Flyers childcare centres in Melbourne growth suburbs sold at auction with 10-year leases and options until 2046, with net returns of $266,430 plus outgoings and GST, part of three centres that sold consecutively.
The 1 Crossing property at Caroline Springs sold for $4.91 million, with a licence for 124 places for a 717 sqm building on a 2,505 sqm site. That was followed by the $4.88 million sale 9 Bulimba Drive in Doreen, which has an 839 sqm facility licensed for 126 places, on a 2,424 sqm site just 100m from the Laurimar Town Centre.
A Goodstart Early Learning centre at 47 Riversdale Road in Queensland’s Oxenford, with a licence for 150 places on a 4,447 sqm corner site, sold for $3.551 million, with a renewed lease until December 2024 and a five-year option currently returning $256,985 per annum plus outgoings and GST net.
An investor paid $1.53 million for the Kin Kin Early Education centre in South Australia’s Murray Bridge. On a 1,933 sqm site, it is licensed for 57 places has a new 15-year lease and two 10-year options until 2053, currently bringing $102,600 per annum.
Three further Queensland assets changed hands under the hammer. The Fortitude Valley offices of the Australian Road Research Board at 21 McLachlan Street sold for $4.15 million; the two-level 635 sqm building is on a 364 sqm site and has a lease until 2024 with a five-year option, returning $281,876 per annum plus GST.
A Cash Converters store at 2-4 Dickson Street in Morayfield sold for $3.405 million, leased until 2024 and options until 2034 returning $236,554 per annum The 2,500 sqm site has a 100,-plus frontage and 34 parking spaces.
In Bundaberg South, the new office building at 70 Barolin Street leased to professional services company GHD sold for $2.13 million. The 1,270 sqm corner site has a 505 sqm building and returns $157,617 per annum net.
The Craigieburn premises of medical services chain Dental One sold for $1.31 million to open proceedings. The 565 sqm site at 33 Craigieburn Road has a building constructed in 2015 and is leased until 2020 with four five-year options, and brings $59,487.96 per annum.
A freehold motel investment at 14-16 Settlement Road, on the Princes Highway in Geelong’s Belmont, sold for $2.3 million. The 3,839 sqm has a lease until 2024 and a 10-year option and returns $107,854 per annum.
The Cotton On premises at 42-44 Firebrace Street in Horsham changed hands for $1.601 million, with a net income of $104,5000 per annum. The two-level building has a 10-year lease until 2026.
In Ballarat, the 1,350 sqm corner site at 101 Albert Street sold for $3.45 million. It has a recently-upgraded 1,080 sqm building leased to print, telephony and IT business Viatek until 2022 with options until 2027, returning $287,624 per annum.
Australian Property Journal
