Leongatha Woolies tops $33 million CBRE supermarket auction

A Woolworths supermarket in Leongatha topped the results board at CBRE’s 10th Premium Property Portfolio Auction (PPPA).

A total of four properties sold for a total of $32.7 million on an average 5.4 per cent yield.

The freestanding, 3143 square metre (GLA) Leongatha store was sold for $14.3 million on a 5.32 per cent yield to a Melbourne based investor with nine years of a 20 year lease to Woolworths remaining at a current income of $761,000 per annum net.

The tightest yield of the night went to the Woolworths Metro Abbotsford property which sold off-the-plan to a South Australian investor for $4.68 million on a yield of 4.93 per cent.

A third property, an ALDI store and two shops at Seville, sold to an international investor for $8.02 million on a 5.98 per cent yield, and a fourth property – a 7-Eleven at Armstrong Creek- sold to a second Melbourne based investor for $5.72 million on a 5.4 per cent yield.