Commercial hammer prices

Commercial hammer prices
Commercial hammer prices

The sales price achieved by Charter Hall Office REIT for NCR House at 8-20 Napier Street, North Sydney. The sale represents a market cap rate of 8.75% and a capital value of $5,390 per square metre. Settlement is expected in September 2011.  The net sale price is in line with the June 2011 book value of $57 million and represents a $6.1 million or 12% gain, on cost and a 10% internal rate of return per annum since acquisition of the property 10 years ago. The sale was brokered by Simon Fenn, senior director at CB Richard Ellis.

 


 

The initial yield achieved on a prominent sandstone building in Rose Park in Adelaide acquired at auction by a local owner-occupier for $1.325 million. The 550-square-metre site is at 62 Kensington Road and includes nine on-site car spaces as well as rear lane access. The single-level building has a gross lettable area of approximately 189 square metres. CB Richard Ellis’ Will Brown and Ben Younger steered the auction campaign on behalf of a local Adelaide investor who had owned the property for almost 20 years.

 


 

The price retail entrepreneur Brett Blundy’s investment company, BB Retail Capital, paid for a bulky goods centre on Melbourne’s Mornington Peninsula from Mirvac. The centre has 32,000 square metres of gross lettable area and is located at 29 Mornington Peninsula. The Savills valuation for Mirvac reflected a 9.75% cap rate. The Peninsula Lifestyle Centre is located on the corner of Nepean Highway and Bungower Road in Mornington, about 15 minutes south of the Frankston CBD.

 


 

The total area of office units 4 and 5 at 19 Trenerry Street, Weston in the ACT, bought by Racing and Sports Property Trust at auction. Racing and Sports Property trust spent $907,500 on the units, equating to $3,276 per square metre. One of the units is tenanted by Teachers Credit Union on a three-year lease, the other is vacant. The property was marketed by Michael Heather, associate director of CBD sales at Colliers International. 

 


 

The size of Hunter Valley vineyard Windsor’s Edge bought by a Chinese investor for $2.7 million. The property sold through Cain Beckett at Jurd’s Real Estate. Windsor's Edge is a small family-operated resort with cellar door at Pokolbin in the centre of the Hunter Valley vineyards. The land is adjacent to the Vintage Resort golf development, on the corner of a major tourist route.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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