- Lockdowns across Sydney and Melbourne did not deter investors yesterday as 23 of 28 sold
- A combined sales value of $76.5M, according to Burgess Rawson's monthly portfolio auction
- 738 bids were received from more than 300 bidders, with properties going for 12% above reserve price
Lockdowns across Sydney and Melbourne did not deter investors yesterday as 23 commercial properties sold (from 28), for a combined value of $76,516,000, according to Burgess Rawson‘s monthly portfolio auction.
This equated to an 82% success rate, with auctions held remotely with bidding available via phone and online, as well as in-person at interstate locations (including the Hilton Brisbane).
Overall, 738 bids were received from more than 300 bidders throughout the day, with properties going for an average of 12% above reserve price (or $7.9 million in total) and demand outstripping supply 12 to one.
The blended yield was 4.73%.
Five properties were sold prior:
- a Japanese restaurant in Battery Point, Tasmania;
- an auto repair in Wangara, Western Australia;
- a Government asset in Mt Isa, Queensland;
- an office asset in Mt Louisa, Townsville; and
- an industrial asset in Glenorchy, Tasmania.
The $2,650,000 sale of a Bridgestone in Flagstone, Queensland (see main photo above) achieved a new record yield for Bridgestone investments in the sunshine state, achieving a yield of 3.77%. Three Bridgestone properties have sold over the past 18 months with the previous record at 4.25%.
An ALH hotel at Toowong in Queensland – The Royal Exchange Hotel – sold for $14,050,000 on a yield of 4.01%, achieving a record yield for ALH investments.
Retail fuel continues to have wide appeal with three Shell/Viva Energy investments in South Australia and Tasmania, and two United assets in Victoria achieving successful results above the reserve.
Brisbane and Melbourne results
Last week, Burgess Rawson held their commercial auction in Sydney, where 16 of the 18 (89%) assets sold for a combined $42 million.
In June, Melbourne sold 24 assets for $122.3 million, with Sydney clearing 16 of the 21 assets presented for a combined $33.7 million.
