- $42M of commercial assets sold via online auction yesterday
- Effective auction clearance rate was 89%
- So far this year, continued lockdowns don't seem to have affected auction results
Continuing state lockdowns do not seem to have deterred commercial investors as Burgess Rawson ran its monthly commercial asset portfolio with a remote auction in Sydney yesterday.
- Total sales 16 (from 18)
- Combined value $42.2 million
- Success rate 89%
“As restrictions can change very quickly, we are adept at adjusting our Portfolio auctions to suit. Investors are now well accustomed to online and phone bidding so moving to a remote auction today really was ‘business as usual’ which is reflected in the outstanding results.”
Darren Beehag, Burgess Rawson Director
“The lockdown is a timely reminder for buyers about the benefits of essential service investment. They can still trade and pay their rent.”
“A lack of freehold investment supply in NSW also drove fierce competition today,” he said of yesterday’s auction.
Bidding was available online, via phone or in-person at Burgess Rawson’s state offices. There were 102 registered bidders, with a strong mix of phone and online bids received from investors across the country.
Sales ranged from $400,000 – $9,850,000, and outstripped supply six to one, which has been a consistent result throughout 2021. It seems that lockdowns – at least, so far – have had no impact on demand.
- Sylvania (Sydney), NSW Rise & Shine Childcare Sold: $9,400,000 Yield: 3.70% (a national record yield)
- Ulladulla, NSW Pacific Furniture Sold: $1,300,000 Yield: 3.96%
- Tumut, NSW KFC Sold: $2,630,000 Yield: 4.39%
- Wanniassa, ACT Medical Investment Sold: $1,000,000 Yield: 4.72%
- Tamworth, NSW United Petroleum Sold: $5,020,000 Yield: 4.73%
Burgess Rawson’s next Portfolio Auction will be held in Melbourne on Tuesday 10 August at Crown Casino.