This article is from the Australian Property Journal archive
SYDNEY investors went on a last minute Christmas shopping spree yesterday, snapping up approximately $60 million worth of offices, retail, apartment development sites, childcare centres, fast food restaurants and petrol stations.
Fifty properties were listed with auctionworks, although six were withdrawn prior to auction.
The day was kicked off with seven properties selling prior to auction, so only 37 properties went under the hammer and 20 were sold by auctioneer David Scholes totalling $57.575 million.
CBRE’s Alex Mirzaian, Frank Oliveri and Peter Vines sold a development site at 14 – 16 West Parade West Ryde in Sydney’s north-west for $3.4 million. The 980.6 sqm site is zoned B4 Mixed Use and holds nine separate titles. It adjoins the West Ryde shopping centre and has potential for a residential and retail mixed-use development (STCA).
CBRE’s Peter Vines and Andrew Vines sold a former aged care facility at 11a Moonbie St Summer Hill in Sydney’s west for $4.15 million. Improvements include a 719 sqm building on a 1,547 sqm site. The property allows for multiple uses, including as a childcare or boarding house. There is potential to add additional floors (STCA).
JLL’s John Macree and Dylan McEvoy sold an infill site at 74-92 Fern Avenue Bradbury in Sydney’s outer south-west for $2.41 million. The 2.24ha site is zoned B2 Residential, is prime for a residential subdivision and the heritage listed residence Raith House was part of the sale.
JLL’s John Macree, Leslie Cheng in conjunction with Pidcock Commercial’s Phillip DiCosta sold a commercial office complex at 97 Carrington St Lismore, in the Northern Rivers region of New South Wales for $755,000. The 1,695 sqm land has development potential Zoned B3 Commercial Core.
JLL’s John Macree, Leslie Cheng in conjunction with Benchmark Commercial’s Nigel Staniforth and David Hall sold an industrial warehouse at 1 Leewood Drive Orange in the Central West region for $950,000. The former motor registry building comprises a floor area of 342 sqm, and sits on a significant 9,576 sqm site.
LJ Hooker Commercial’s Phil Scarlett sold a freehold building at 305 King St Newtown in Sydney’s inner west for $2.64 million. The 310 building comprises a ground floor retail and two apartments, returning $170,000 a year. The 267 sqm site is Zoned B2 Local Centre.
Taylor Nicholas’ Peter Taylor sold a boutique development site at 563-565 Pacific Highway St Leonards for $4 million. The 287 sqm site has development approval mixed-use apartment project comprising 17 units and 285 sqm of commercial space on the ground floor.
Taylor Nicholas’ Alex Hezari and Sam Elustu sold a retail investment at 176 Merrylands Rd, 25km west of Sydney for $1.255 million. The 170 sqm shop sits on a 221 sqm site area zoned B4 Mixed Use. It is leased on a three-year plus three-year term, returning an income of $59,345 plus GST a year.
Meanwhile the last Burgess Rawson Sydney portfolio auction for the year recorded 12 sales.
Agent Darren Beehag sold a KFC fast food restaurant at 5 Carter Rd Menai in Sydney’s south for $3.05 million. The freestanding building on a 2,003 sqm site is leased to KFC on a 10-year term starting December 2012 with annual 3% rent increases and mid term market review. It is currently returning a net income of $161,270 p.a. plus GST.
Meanwhile Darren Beehag, Graeme Watson and Shaun Venables sold the most expensive property yesterday, a Woolworths supermarket at 109 Church St Gloucester, within the Manning district on the NSW Mid North Coast, for $9.88 million. The newly completed store is leased to Woolworths including a BWS Liquor on a new 20-year term plus options to 2074, returning $583,178 a year. The property also offers substantial depreciation benefits.
Another supermarket, at 8 Queen St Woolgoolga in the NSW Mid North Coast sold for $3.07 million. Darren Beehag handled the sale of freestanding 1,517 sqm store leased to Supa IGA on a 10-year term from November 2007 plus options to 2032. It is currently returning $385,641 a year plus GST.
Darren Beehag and Miron Solomans sold shop 4/65-68 Gladesville Rd, Hunters Hills for $790,000. The property is leased to a cafe, returning $49,949 a year.
In Sydney’s lower north shore, an affordable investment, lot 9/928 Military Rd Mosman was sold by Kieran Bourke and Simon Staddon for $290,000. The retail property is leased to a hair salon returning $17,304 a year.
At Blacktown in Western Sydney, agents Sam Newton and Stephen Lovison sold a Shell service station at 4/132-189 Sunnyholt Rd, for $7.425 million. The property is leased to Shell Australia on a 15-year term commencing March 2012 plus options to 2047, returning $402,500 a year.
Meanwhile five childcare centres were on the market and all of them sold.
The most expensive centre sold was facility leased to Guardian Early Learning Group at 339 Maroubra Rd Maroubra in Sydney’s south eastern suburbs, for $3.67 million. The 56-place 260 sqm building occupies a 866.3 sqm site. The operator has a 10-year lease to December 2010 plus options to 2035 and is currently paying $163,780 a year. Simon Staddon and Dean Venturato handled the sale.
Venturato also sold another centre 51 Retford Rd Bowral in the Southern Highlands, for $2.29 million. The 59-place centre is leased to G8 on a large 2,030 sqm site, returning a net income of $120,000 a year.
Venturato sold another childcare centre at 63 Richardson Rd Raymond Terrace in the Hunter Region for $2.5 million. The 76-place facility is leased to October 2020 plus options to 2030, returning $187,750 a year. The property includes 19 onsite car parking spaces on a 2,458 sqm site.
Meanwhile there were two entry-level childcare investments. Venturato and Adam Thomas sold 38-place facility at 94 Tilligerry Track Tanilba Bay, in the Hunter Region, for $775,000. It is returning $60,586 p.a.
The same agents also sold 39 Martinsville Rd Coorangbong, in Lake Macquarie for $775,000. The 39-place centre returns $61,181 a year.
Finally there was one interstate property on offer, an ANZ Bank branch at 367 Ruthven St Toowoomba in Queenland. Agents Pat Kelly and Simon Staddon sold the property for $3.5 million. The two storey premises includes 12 car parking spaces at the rear on a 1,042 sqm site. It is leased to ANZ Bank for 10 years from May 2008 plus options to 2028, returning a net income of $264,615 p.a.
Australian Property Journal
