Charter Hall sells off part of a $180m portfolio purchased from Paul Lederer
Charter Hall has offloaded three industrial properties from a $180-million portfolio it acquired just four months ago.
The regional sites were among 10 food-production assets in a portfolio bought from former Primo boss and Western Sydney Wanderers co-owner Paul Lederer. The three sites fetched a combined $5,695,000 at auction on Tuesday.
The Taminda landholding leased to national food distributor Superior Food Services, sold for $2.32 million to a Sydney investor, while in neighbouring North Tamworth, a supermarket tenanted to family business Kay’s Wholesale Meats fetched $1.5 million.
Kay’s Wholesale Foods has been operating out of the North Tamworth property for more than 40 years. Photo: Supplied
Also part of the industrial portfolio was the Primo Cairns site in Bungalow, which sold for $1,875,000.
Charter Hall declined to comment on the sales.
The three properties sold under the hammer at Burgess Rawson’s Sydney portfolio auction, which recorded a clearance rate of 75 per cent from 26 properties.
Burgess Rawson listing agent Michael Gilbert said the Tamworth and Armidale region had a booming food production industry.
“Investors really like the area; there’s a lot of established businesses up there as far as agriculture is concerned,” he said.
“A lot of people think that’s where a lot of future growth is going to come from in the economy.
“It’s somewhere where Australia has a lot of expertise in and a competitive edge, and the production of food is only increasing.”
The childcare centre at North Turramurra sold in a competitive six-minute auction. Photo: Supplied
Childcare assets were also popular at the auction, with two centres on Sydney’s north shore snapped up by local investors.
A North Turramurra property fetched $4.5 million, on an indicative 4.16 per cent yield, in less than six minutes, as eight bidders drove the price up from its opening bid of $3.2 million.
The Burgess Rawson portfolio auction in Sydney attracted a full house. Photo: Alison Cheung
A Sydney-based buyer, who owns mostly residential investments, was making his move into commercial property with the purchase, listing agent Michael Vanstone, of Burgess Rawson, said.
“They were targeting the yield, they liked the suburb and the quality of the property,” he said, adding that the buyer thought it was good value, as the rent will increase next January.
“It attracts a certain demographic, (as) it’s close to schools.”
Buyers mostly came from NSW, with several from Perth and Melbourne, Mr Vanstone said.
One lucky underbidder did not walk away empty-handed, with the couple scooping up a separately owned childcare asset in St Ives for $4,075,000, on a 4.66 per cent yield.
The comparatively drawn-out auction, which attracted 55 bids, opened with a bid of $3.4 million via a phone buyer.
Both childcare centres beat their price guidance of about $3.8 million.
