Commercial hammer prices
The price paid for one of Melbourne CBD’s most well-known corner properties following a public auction that attracted a crowd of more than 300 spectators and multiple bidders. The sale price equates to a yield of 3.9%. The 217 Elizabeth Street building with floor area of 312 square metres was offered to the market for the first time in more than 25 years. CBRE’s Mark Wizel and Josh Rutman steered the marketing campaign. Rutman said there had been widespread interest in the property from the time that the first advertisement appeared in the newspaper. The property was originally constructed in 1869 by the renowned Knight family. It has been fully leased by national retailer Camera House for more than 20 years. The net income on the property is approximately $220,000, with all outgoings paid by the tenant.
How much tyre distributor Top Tyres has paid for a speculative office-warehouse development in Derrimut in Melbourne’s west. The property was acquired from The Makland Group in a deal negotiated by Colliers International agent Nathan Bingham. The speculative development measures 2,395 square metres and is located at 166 Paramount Boulevard in Derrimut. The sale price represented $940 per square metre.
How much a Brisbane-based private investor has paid for the Spring Lake Metro retail and commercial complex at Springfield Lakes, Queensland, at auction. The property at 1 Springfield Lakes Boulevard, completed in 2007 and set on a 4.2-hectare site, occupies a prominent elevated position at the gateway to the Springfield Lakes masterplanned community west of Brisbane. The community-titled complex features a Coles Liquorland tavern and function centre (trading as the Spring Lake Hotel), a First Choice Liquor Superstore, a McDonalds drive-through restaurant, 23 retail specialty shops, two freestanding commercial office buildings, a decommissioned motel and a vacant garden centre. The Spring Lake Metro complex was sold by Peter Tyson, Jon Tyson and Michael Harcourt of Savills, under instruction from receivers and managers PPB Advisory.
The price paid for an entry level warehouse/office unit at Upper Coomera on the northern Gold Coast. The property, Lot 3/ 25 Dalton Street Upper Coomera, was marketed and sold by Steve Macgregor of Ray White Commercial Southport. Macgregor says an overseas vendor needed an immediate sale, and got one, with a giftware company now owning and occupying the 175-square-metre property. The unit is located in a great location in only minutes away from the heart of the Gold Coast and close to the Brisbane CBD.
The price paid for a freehold industrial investment property in a private, off-market sale negotiated by Chris Jones from Colliers International. The property is located at 144 Australis Drive, Derrimut in Melbourne’s west and measures 868 square metres on a 1,441-square-metre site. The property was acquired for a self-managed super fund of a private developer. The price equates to a yield of 7.4%. The property is currently tenanted by Australian Graphics Pty Ltd, on a three-year lease with a five-year renewal option with current rental income $67,000 per annum.