This article is from the Australian Property Journal archive
A WOOLWORTHS service station in Sydney's western suburb of Werrington was one of the most expensive properties sold at the Burgess Rawson auction.
The Burgess Rawson event through auctionworks saw 22 listings and 11 sales.
The most expensive property sold a mixed-use building at Double Bay. Located at 11 Knox St, the property comprises a net lettable area of 778 sqm on a 478 sqm site. It is leased to a number of tenants including ANZ Bank until 2033 and returning a net income of $628,576 p.a. with annual 4% rent increases.
A retail centre at 24-32 Manning St Taree in NSW`s North Coast sold under the hammer for $7.82 million. The 3,126 sqm supermarket is leased to IGA on a 15-year term with options until 2047 and currently returning a net income of $545,939 p.a. with annual CPI increases.
It was followed by a petrol station which fetched $7.2 million. Located at 574 Great Western Highway Werrington, approximately 48km from the Sydney CBD. The property occupies a 4,128 sqm site and the investment has 80% of income secured by Woolworths and 20% to the carwash business, both leased to September 2026, currently on a net income of $347,370 p.a.
Always a popular sector for investors, a childcare centre at 78-80 Barton St Monterey in Sydney`s south, was snapped up for $4.92 million. Formerly operated by the Bambino`s, the 90 placement centre is now leased to ASX-listed G8 Education until April 2017 plus options to April 2027 at a net income of $219,050 p.a. with annual 3% rent increases.
A second childcare centre at 227 Edgar St Condell Park in the south western suburbs sold for $2.015 million. It was sold with a 10-year lease from August 2014 plus options to 2044 on a current net income of $102,000 p.a. The centre has 38 placements and is only four years old, proving generous tax depreciation benefits.
Another childcare centre at 7 Poidevin Place Goulburn in NSW Southern Tablelands fetched $1.7 million. It was sold with a secure lease to Kids Choice Childcare until 2022 plus two further five year options on $120,150 p.a. The 1,910 sqm residential zoned site hold 75 placements.
At 90 Capper St Tumut in the Riverina region, an entry level childcare investment sold for $875,000. The 45 placements, 1,309 sqm centre is leased until 2020 plus options and currently returning $73,258 p.a.
A Repco shop located on the corner of Great Western Hwy and John Heins Ave Minchinbury in Sydney`s west sold for $2.825 million. The 1,429 sqm property is improved by a stand alone building and parking for 16 cars. It has been leased to Repco since 2004 with the retailer exercising a five-year option from December 2014, plus five years to 2024. It is returning $168,151 p.a.
A building which has been occupied by the National Australia Bank for 155 years since 1860 sold for entry level price of $824,000. Located at 160 Sharp St Cooma in the Snowy Mountains region. The NAB recently renewed a five-year lease to 2019 and has further options to 2034. The rent is currently $49,203 p.a.
Meanwhile another bank branch at Bega fetched $620,000. Located at 205 Carp St, the property is leased to St George Bank until 2019 on a net income of $39,100 p.a. with annual 3.5% increases.
Finally in the Sydney CBD, a retail property at 18/7-13 Hunter St sold for $1.08 million. The property is leased to two tenants paying $79,873 p.a.
Australian Property Journal
