This article is from the Australian Property Journal archive
TWO new regional Victoria service stations leased to Westside Petroleum have headlined the opening Melbourne edition of Burgess Rawson’s property portfolio auction for 2019.
Of the 22 offerings listed for yesterday’s event at Crown Casino, three sold prior to auction and 11 sold on the day. Last week’s Sydney edition saw just four assets sell out of 16, and one change hands prior.
A 4,362 sqm Morwell fuel station site at 226-242 Princes Drive sold for $5.9 million, with a 15-year lease until 2033 and options to 2068, currently returning $393,559 per annum.
That immediately followed the $4.9 million sale under the hammer of a Sebastopol Viva fuel station, on the edge of Ballarat, at 115 Albert Street. The 2,962 sqm property has the same long-term lease structure and brings in $326,691 per annum.
One of the bigger price tags achieved on the day was the cool $4 million paid for a Campbellfield cold storage facility. The 2,180 sqm Primo Smallgoods warehouse at 48 Jesica Street is on a 4,317 sqm site and has a 17-year triple net lease until 2028 plus a 10-year option that returns $267,915 per annum net plus GST.
The day kicked off with the $2.955 million sale of a Hungry Jack’s in Caroline Springs. At 1342-1350 Western Highway, the 3,669 sqm site brings in $120,101 per annum net and has a renewed lease until 2023 plus options.
Strata units within the Soho Village neighbourhood town centre development in Melbourne’s Point Cook sold back-to-back. The Reel Deal Fish ‘n’ Chippery at Shop 1/5-13 Adelphi Boulevard sold for $690,000 with a return of $40,500 per annum from a lease running until 2027 with options to 2037, and Chinese restaurant Canteen Kitchen for $672,000 with an annual return of $38,475 on a lease to 2025 and options to 2035.
The Target department store at 21-27 High Street in Cobram fetched $2.2 million. The 1,380 sqm store has been trading for more than 15 years from the location and has a lease until March 2024 plus options to 2039 that brings in $281,309 per annum plus GST.
The high profile two-storey Warrnambool corner building home to Monaghan’s Pharmacy sold for $3.71 million. Zoned Commercial 1, 136-140 Fairy Street has a site area of 714 sqm and returns $281,309 per annum plus GST.
Also in the regional centre, the ANZ Bank branch traded for $1.75 million. The 375 sqm building at 128 Leibig Street returns $104,334 pre annum plus GST and is leased to 2024 with options to 2039.
A corner bakery at 57-59 Thompson Avenue at Cowes on Phillip Island traded for $1.6 million. The 262 sqm corner site has a 35-metre frontage and returns $81,043 per annum plus GST.
North of Shepparton, the Telegraph Hotel building at 81-83 Melville Street in Numurkah sold for $1.22 million, with a return of $106,000 per annum plus GST. The two-level hotel is on a 2,012 sqm site and has a public bar, bottle shop, TAB facilities, outdoor terrace, and first floor accommodation with 11 rooms.
Australian Property Journal
