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Tasmanian warehouse sale breaks average yield

October 10, 2018

The yield for the facility at Huntingfield, south of Hobart was below Hobart's 8 per cent average. Photo: Supplied

A private investor has snapped up a Tasmanian office/warehouse with extensive hardstand for $1.96 million on a passing yield of 6.7 per cent.

The yield for the facility at Huntingfield, south of Hobart, was below Hobart’s 8 per cent average, reflecting a shortage of stock in the area, LJ Hooker’s Mark Devine said.

Lightning, surge protection and earthing solutions supplier Lightning Protection International leases the 2111 square metre site at 49 Patriarch Drive for its headquarters until 2021 with options.

The pre-cast building has first floor offices, and a warehouse and technical workshop as well as a second rear warehouse across 1095 square metres.

Huntingfield is popular with light industrial and smaller scale manufacturing operators and the surrounding Kingborough area is one of Tasmania’s fastest growing regions, Mr Devine said.

Limited big box

West Australian-based property syndicate, Mair Property Funds, has acquired a big-box liquor store in Perth for $7.65 million.

The First Choice Liquor outlet at 4 Olive Road, Falcon in south-west Mandurah is 80 kilometres from the Perth CBD and features a 1234 square metre building on a 2945 square metre site.

It is leased to the Wesfarmers-owned First Choice Liquor with options.

CBRE’s Richard Cash and Anthony Del Borrello negotiated the sale for vendor Redcliffe Holdings.

The state government has limited the creation of big-box retail across the state.

Centre sold

A Gold Coast-based private investor has paid $1.7875 million for a retail strip known as The Centre at 13-17 Main Street in Beenleigh, 40 kilometres south-east of Brisbane.

A local family sold the 472 square metre building with seven shops on a 1391 square metre site at auction through JLL’s Andrew Havig.

Tenants include Suncorp Bank, Jobs Australia and Sharp Cuts for Men. It has 25 parking bays.

Site sold

A developer has purchased a 1460 square metre development site at 176 High Street, Preston in Melbourne for $4.25 million.

The property has planning approval for an architect-designed eight-level mixed-use development with 73 apartments and retail outlets.

There is a two-level office/showroom on the site.

Knight Frank’s Andrew Greenway and Tom Zhou and Jellis Craig’s Richard Rose brokered the deal for a mortgagee in possession.

Popular block

Investors have traded a 237 square metre commercial building at 349 Elizabeth Street in the Melbourne CBD for $6.8 million at a low yield of 2.67 per cent at auction.

Isshin Ramen Bar and MMA Fight Store occupy the property as tenants.

CBRE’s Josh Rutman, Mark Wizel, Max Ruttner and Lewis Tong said the building sold $1.3 million above reserve.

Tasty ground floor

Investors have exchanged a ground floor strata shop leased to Japanese restaurant Izakaya Mizu at 97 Greville Street, Prahran in Melbourne for $1.205 million.

The deal closed at a yield just under 5 per cent.

The deal was handled and negotiated by Morley Commercial’s Ella Yin handled the auction.

Colac craze

A 4843 square metre corner development site at 309-315 Murray Street in Colac in Victoria has exchanged hands for $1.85 million.

An existing 1845 square metre building sits on-site.

Darcy Jarman’s Tim Darcy and Gross Waddell’s Andrew Waddell negotiated the sale.

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