Four sites fetch $14.4 million at Cushman & Wakefield's first portfolio auction

Three service stations were among the four properties sold for a total of $14.4 million during Cushman & Wakefield’s inaugural portfolio auctions held in Sydney and Melbourne.

Two unsold properties are under negotiation, the real estate agency said.

The three Caltex petrol stations in Melbourne and Sydney all have 15-year leases in place. 

The auction was led by the sale of a 2,665 sqm Mt Waverley Caltex site at 622 – 626 Blackburn Road (picture above) to a private investor for $4.3 million on a low yield of 3.48%. 

The fourth property sold was at 72 Baylis Street in Wagga Wagga, New South Wales, tenanted by National Australia Bank. It changed hands for the first time in 25 years, for $2.31 million on a 6.72% yield. 

The auctions were held at Cushman & Wakefield’s Sydney and Melbourne offices, with the campaign led by Michael Collins.

The auctioneer was Damien Cooley from Cooley Auctions. 

“The result of Cushman & Wakefield’s inaugural portfolio auction delivered a strong outcome for vendors, and reaffirmed the appetite amongst high net worth investors to secure retail properties with strong lease covenants and long-term blue chip tenants,” said Collins.