This article is from the Australian Property Journal archive
SEVEN out of nine offerings have sold under the hammer at yesterday’s Melbourne edition of the Burgess Rawson portfolio auction, continuing the momentum of the previous day’s healthy clearance rate.
The Sydney event on Tuesday landed a 66% clearance rate. Of the 12 properties initially listed for yesterday’s proceedings at Crown Casino, three sold prior to the day and two were passed in.
A modern, high profile Colac office building with a new seven-year lease to accounting firm Findex Group sold for $6.050 million. The 1,805 sqm building is on a 5,964 sqm site at 175 Bromfield St, which is zoned commercial 1 and has parking for 65 cars, and returns an annual rent of $450,000 plus GST.
Two suburban Geelong childcare centres sold under the hammer. The Leopold Early Learning centre at 688 Bellarine Hwy sold for $4.79 million, with a 15-year lease plus four five-year options that return a net rent of $295,645 per annum plus GST and outgoings.
In Grovedale, the Evolve Early Learning & Kindergarten site of 3,023 sqm at 189-195 Torquay Rd traded for $2.15 million. It returns a net income of $162,445 plus GST and outgoings, and has a 10-year lease with two five year options.
A Caltex and Woolworths service station at 110 Humffray St South in Ballarat Central sold opened the day’s proceedings, selling for $955,000. The 1,004 sqm corner site has a six-year lease plus six year option and returns an annual rent in excess of $50,000 plus GST.
Another service station, at 23 & 25-27 Dean St in the New South Wales Riverina town of Tocumwal, sold for $1.655 million with a leased to Viva Energy and Coles Express until 2024, returning annual rental of $114,842 plus GST.
On the other side of the border, a Wodonga Hungry Jack’s sold for $4 million. The 2,507 sqm site, at 80 Victoria Cross Pde, has a 220 sqm outlet built in 2012 and is leased for 12 years plus options to 2041, returning a net annual rent of $199,065 plus GST.
Within the “golden mile” precinct in Melbourne’s eastern suburb of Blackburn, a 1,356 sqm car wash site at 129-131 Whitehorse Rd traded for $4.685 million. The 10-year lease until 2027, plus options to 2037, brings a net income of $236,541 plus GST.
