This article is from the Australian Property Journal archive
A PETROL station, car dealership and McDonalds outlet were the headline sales at Burgess Rawson’s commercial property auction.
The large 7,370 sqm property at 182-184 Stud Rd Dandenong North sold for $5.96 million. The property includes a 360 sqm building and was sold with a new 15-year lease plus options to 2045 to Liberty, which is 50% owned by Viva Energy, at annual rental of $361,265 p.a. net.
There were 22 listings yesterday and 15 results were reported, with five properties passed in and 10 selling.
The majority of the offerings were outside metropolitan Melbourne with one asset located in Dalby, Queensland.
Two childcare centres in metro Melbourne sold under the hammer. The first at 461-463 Bluff Rd Hampton for $3.95 million. The 1,149 sqm property has a license for 56 places and sold with a 15-year lease to 2030 with three 10-year options to 2060 and currently returning $224,985 p.a.
The second property was located at 16-20 Arco Lane Heatherton and fetched $3.20 million. It was sold with a 10-year lease to G8 Education, which operates a 90 places childcare centre on a 2,232 sqm site.
Outside of metro Melbourne, the headline sale was a McDonalds outlet at 400 Melbourne Rd Geelong, which sold for $3.05 million. The 3,277 sqm site was sold with a five-year lease to 2018 plus options to 2038 on a rental of $117,434 p.a.
At 992 Nepean Highway Mornington, a dealership leased to the Jefferson Group sold for $3,451,000. The 3,526 sqm property is currently operating as a Hyundai dealership and the rent is $258,653 p.a.
Wodongo had two offerings, a 708 retail property at 9 Elgin Boulevard sold for $1,325,000. The single level 600 sqm building is leased to a bakery on a rental of $108,098 p.a.
A two-level 595 sqm property leased at 178 High St Wodonga sold $1,771,000. It is leased to a number of tenants including Guardian Pharmacy, solicitor, first floor office and barber on a total annual rental of $147,290 p.a.
Meanwhile a retail property at 1535 Burwood Highway at Tecoma sold $1,600,000. The 449 sqm building is leased to the Salvation Army store and occupies a 815 sqm site. The current rental is $108,796 p.a.
A 2,690 sqm property with a 840 sqm building improvement at 1019 – 1021 Howitt St Wendouree sold for $3,455,000. It is leased to a pharmacy and medical facility on a rental of $204,504 p.a.
Finally the sole interstate asset sold was 30 Nicholson St Dalby, QLD which fetched $1,860,000. The 515 sqm office is leased to the state government to 2021 and returning $149,562 p.a.
Australian Property Journal
