Investors grab a slice at commercial auction
Properties with tenants including a Domino’s pizza shop and a Rivers clothing store were among the hot items snapped up across Victoria at one of Australia’s major investment auctions.
The Burgess Rawson Investment Portfolio Auction saw 11 commercial properties go under the hammer, with clothing outlet Best & Less, an ANZ Bank in Tasmania and three Queensland childcare centres also among the tenants.
Big money rolled in for a North Geelong property leased by car parts giant Repco, with the 1475sqm site at 470 Melbourne Rd fetching $2.91 million for a yield of 5.81 per cent.
One bidder took home a slice of Rosebud: a property tenanted by pizza giant Domino’s until at least 2024. The shop at 901 Point Nepean Rd was picked off for $801,000 and will deliver the new owner a yield of 5.44 per cent.
Side-by-side stores that house discount clothing retailers Rivers and Best & Less in regional Victorian town Colac also sold. The 804sqm Best & Less store netted $1.935 million for a yield of almost seven per cent, while the smaller Rivers store went for $1.65 million.
A retail store in Melbourne suburb Moonee Ponds goes under the hammer at the latest Burgess Rawson auction
Some of the hottest ticket items came from Queensland – a trio of Goodstart Early Learning Centres in Loganholme, Maroochydore and Cairns that attracted heavy interest from bidders across Australia. The three properties fetched prices of between $1.82 million and $2.375 million and yields of up to 7.04 per cent, with one private investor snaring two of them.
A small shop in Melbourne suburb Moonee Ponds was keenly sought after, with several bidders bumping the price of the property at 95 Puckle St up to $1.3 million for a 4.6 per cent yield.
It took auctioneer David Scholes some time to attract interest for a quaint Tasmanian building occupied by ANZ in Ulverstone. Bidding stalled at its opening price of $400,000 before a flurry of late interest saw it balloon to $725,000 – a yield of 6.48 per cent on its current lease.
A Queensland petrol station and a discount drug store were sold prior to auction.
