Commercial hammer prices: Wangaratta Hungry Jacks sells on 5.9% yield

Commercial hammer prices: Wangaratta Hungry Jacks sells on 5.9% yield
Larry SchlesingerDecember 8, 2020

The price paid for the premises of the Hungry Jacks take-away in Wangaratta. The 1,815-square-metre corner island site at 20 Ryley Street, Wangaratta, is leased to Hungry Jacks to December 20207 at a current annual rent of $53,445 with annual rental increases of 3.5%. Wangaratta is 230 kilometres north-east of Melbourne, with a population catchment of about 17,000 people. The sale price reflects a yield of around 5.9%. The property was marketed by Jamie Perlinger of Burgess Rawson Melbourne.
 



The price paid for a modern car wash at Mitcham in east-suburban Melbourne. The facility, at 458-460 Whitehorse Road, Mitcham, was marketed and sold by Brett Diston of Ray White Commercial Manningham. Diston says an owner investor had sold the freehold land with business to a local party looking for an owner-occupier business. The property is a modern, fully equipped facility on a site of around 959 square metres. Diston says he fielded in excess of 40 enquiries on the property. The property is located about half an hour from the Melbourne CBD along the Eastern Freeway.

 


 

The price paid at auction for a warehouse/office complex at Nundah on Brisbane’s northside, which is leased to a long-term national tenant. The sale prices equates to a yield of 8.6%. More than 50 people attended the in-room auction at the Riverside Centre in Brisbane, with the 6,745-square-metre site at Lot 4/629 Nudgee Road, Nundah, offered for sale by Ray White Industrial Milton principal Paul Anderson. There were eight registered bidders for the complex, which was recently leased by global hearing solutions company Bernafon Australia Pty Ltd, with bidding starting at $3 million. “We had a total of 50 bids before the property was sold under the hammer to a Brisbane family syndicate,” says Anderson. The warehouse complex is a modern tilt panel building of 2,200 square metres and includes two levels of air-conditioned office space over 700 square metres. It is leased by Bernafon on an eight-year lease with renewal options at a net rental industry sources estimate to be around $400,000 per annum.


 How much ASX-listed REIT Charter Hall’s Direct Industrial Fund 1 has paid to acquire the sixth asset, the Coates Hire Distribution Centre at 29-47 Mudgee Street, Kingston, in Queensland. The acquisition reflects an initial yield of 7.9%. The price includes current construction works to expand the facility. The Coates Hire Distribution Centre is located in the established industrial locality of Kingston, 24 kilometres south-east of Brisbane’s CBD, with direct access to Brisbane’s major arterial linkages, including the Logan Motorway. The facility, located on a 96,840-square-metre site, is fully leased to Coates Hire Operations. The facility is secured by a new 20-year lease, which will commence on completion of the construction works in early 2013. 


How much residential property developers have paid for a former car yard site in the Nowra CBD. The property at 130 Kinghorne Street, Nowra, previously home to Nowra Mazda, was sold to Regional Nominees Pty Ltd by Ray White Commercial Shoalhaven principal Scott Baxter. Baxter says the purchasers had lodged a development application with Shoalhaven City Council to build an apartment complex of 41 serviced apartments on the site. The city of Nowra is around 170 kilometres south of Sydney and is the commercial and administrative centre of the Shoalhaven region on the south coast of New South Wales.

 


The price paid by a private for an office and warehouse facility at Braeside in Melbourne’s south-eastern bayside industrial precinct. The 31-33 Lakewood Boulevard property was sold on a yield of 8.6% with a long-term lease to 2017 in place to Australian olive oil producer and distributor Redisland Australia Ltd at a net rental of around $224,850 per annum. Savills director Lynton Williams, who negotiated the deal, says the property, which comprised a modern, 2,930-square-metre building, constructed in 2007, had attracted a lot of attention from investors. The vendor was a Melbourne-based developer.

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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