
83pc clearance rate for Burgess Rawson's June auction in Sydney
Burgess Rawson is reporting a clearance rate of 83.33 per cent for its latest Sydney portfolio auction, with 15 properties selling on the day resulting in a total auction value of $44.95 million.
A standout result was an apartment hotel in Townsville which sold for $9.6 million on an 8.85 per cent yield.
Other regional outlets sold included a Red Rooster outlet in Griffith, a cafe in Bowral and a Home Timber and Hardware store in Yamba.
Closer to Sydney, a NSW government leased building with development potential in Campbelltown fetched $4.8 million on a yield of 2.3 per cent.
Burgess Rawson agents Darren Beehag and Simon Staddon told Fairfax Media that the the yields achieved were a reflection of buyer intensity, with four properties selling under 6 per cent and two under 5 per cent
“Rates could go further down and will be lower for longer, which is putting pressure on yields,” Mr Beehag said.
Mr Staddon said: “People aren’t chasing location, but the profile of the tenant and length of lease. The want blue-chip tenants which provide security of income.”
Auction results
Sold: $4,800,000
Yield: 2.30 per cent
The government-leased warehouse in Campbelltown sold on a sub 3 per cent yield. Photo: Burgess Rawson
Sold: $1,500,000
Yield: 4.40 per cent
Government-leased industrial building at 3 Cumberland Avenue, Nowra. Photo: Burgess Rawson
Sold: $2,760,000
Yield: 5.06 per cent
The Service NSW building at 65-67 Church Street, Mudgee. Photo: Burgess Rawson
Sold: $1,660,000
Yield: 5.50 per cent
Service NSW property at 125 Sharp Street, Cooma. Photo: Burgess Rawson
Sold: $1,600,000
Yield: 5.60 per cent
Griffith Red Rooster at 25-27 Banna Avenue. Photo: Burgess Rawson
Sold: $1,290,000
Yield: 5.70 per cent
Zambrero cafe at 172-174 Summer Street in Orange. Photo: Burgess Rawson
Sold: $5,250,000
Yield: 6.28 per cent
Coles Express service station at
2-6 Swan Street, Bega. Photo: Burgess Rawson
Sold: $1,115,000
Yield: 6.56 per cent
Forbes Rabo Bank building at 16 Sherriff Street. Photo: Burgess Rawson
Sold: $1,525,000
Yield: 6.70 per cent
Carbal Medical Centre at 18 Hanna Court, Kearneys Spring. Photo: Burgess Rawson
Sold: $1,740,000
Yield: 6.74 per cent
Part of the Bowral cafe building 30 Wingecarribbee Street. Photo: Burgess Rawson
Sold: $4,175,000
Yield: 7.70 per cent
Narromine Coles at 76 Dandaloo Street. Photo: Burgess Rawson
Sold: $1,955,000
Yield: 7.90 per cent
Yamba Home Timber and Hardware at 20 Treelands Drive. Photo: Burgess Rawson
Sold: Price withheld
The Inertek building at 231 Holt Street in Eagle Farm. Photo: Burgess Rawson
Sold $9,600,000
Yield: 8.85 per cent
Townsville Central Hotel at 12-18 Palmer Street. Photo: Burgess Rawson
Sold: $280,000
Yield: NA
The former Cooma RTA building at 93 Massie Street. Photo: Burgess Rawson