Live auction ‘super way’ to end year

Published on: 15 December 2020

A new drive-through Starbucks, a tyre retailer and a carwash service, all of them in Berrinba, 30 minutes from Brisbane, helped make Burgess Rawson’s final Melbourne commercial auction its most successful since the onset of COVID-19.

When buyers and agents returned to Crown Melbourne this week, after several months of virtual auctions, 95 per cent of the 18 properties sold under the hammer, generating a combined value of $51.055 million. Investors could bid in person, by phone or online.

Director Raoul Holderhead said: “By far it was the most successful. It was good to be back in our old hunting ground, back at the Crown. The first since June; it was a great day.

“We were allowed 96 buyers. We were filled to capacity. It was great knowing we had 112 pre-registered bidders.

“It was a super way to finish the year. The buyers are always there, the momentum is flowing. It’s good to get back to our usual positive listings. Three were sold prior. The market in Melbourne and Victoria has been starved of stock and they were out yesterday in full force.”

The 1982-square-metre Starbucks sold for $3,754,000, delivering a net yield of 4.20 per cent, the tightest of the auction.

The 609-square-metre tyre shop, which signed a new 10-year lease direct to Bridgestone Australia, sold for $2,265,000, a 4.4 per cent yield, and Sparkles Car Wash sold for $1,643,000, a 5.46 per cent yield.

Yields ranged from the 4.2 per cent for the Starbucks through to 8.18 per cent for a NAB in St George, Queensland, which sold for $500,000.

A series of shops on the Sunshine Coast sold for $3,055,000, a yield of 6.4 per cent; a Red Rooster in Rockhampton, Queensland sold for $3.040 million, a yield of 5.65 per cent; and a St Vincent de Paul store on Sydney Road, Campbellfield, sold for $2.09 million, a yield of 5.08 per cent.

The Melbourne auction follows on from Burgess Rawson’s final Sydney commercial auction held on December 8.

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