Commercial hammer prices
The rental yield a private investor will receive on The Palms restaurant at 213-215 Blackburn Road, in Mt Waverley, bought for $2.03 million at auction. The property was marketed by Hamish Burgess and Ben Baines form Colliers International. The 485-square-metre freehold property stands on land measuring 1,015 square metres and is currently tenanted to the restaurant for 10 years with the lease commencing on Feb 2012. Burgess says three strong bidders pushed the price well above the reserve. “The sale was a leaseback from the vendor, who will stay on to run the business, which has thrived in this strip since 1996,” he says.
How much Savills Australia is expecting for a 548-square-metre office and warehouse property at Derrimut in Melbourne’s western industrial heartland. The property is located within the West Park Industrial Estate. The 152 Derrimut Drive property comprises a two-level, 88-square-metre office and a 466-square-metre warehouse facility with three-phase power and a fully secured yard. According to market agents Chris Telley and Luke Jesson of Savills, the property would ideally suit a smaller owner-occupier looking for opportunities in the Derrimut precinct.
The price being sought for the premises of Harris Farm Markets at 126-128 Pittwater Road in Gladesville, Sydney. The property is being sold by Simon Staddon from Burgess Rawson and is leased to independent fruit and vegetable retailer for 10 years to September 2021 with renewal options. The property has net income of $675,000 per annum plus GST. It is being sold by private treaty.
How much a private investor has paid to acquire a 126-square-metre office suite in the Atlas building within Norwest Business Park in Baulkham Hills. The building’s latest sale was negotiated by CBRE’s Jason Smith and Kieran Bourke on behalf of developer Capital Corporation. The Atlas building was completed in May 2011, and features two adjoining structures, a six-storey office tower and parking for 740 vehicles. Major occupants include Virgin Active, Bell Partners, Crowe Horwath and CABE Developments. Baulkham Hills is located approximately 31 kilometres north-west of the Sydney CBD.
The price paid for a freestanding supermarket tenanted by Coles at 4 Oscar Street (Corner West Street) in Umina Beach. Coles has signed a new 20-year lease on the building with eight renewal options of five years each to 2072. Net income is $755,597 per annum plus GST. The price was paid at auction in Sydney, with the campaign led by Shaun Venables from Burgess Rawson. It previously sold for $3 million in November 2002.