Despite the heavy lockdown surrounding much of the state, commercial investors were still hungrier than ever to secure the prime commercial investments on offer at Burgess Rawson’s August Portfolio event in Sydney.
With the auction event held remotely, 102 registered bidders from around the country were bidding online, via phone or in person at Burgess Rawson’s state offices.
The auction event successfully managed to sell 16 commercial assets (from 18), leading to a combined value of $42.2 million worth of property sold on the day.
A trend that Burgess Rawson has seen throughout 2021 remains - demand continues to outstrip supply 6:1, highlighting that the current Sydney lockdown is not impacting investors’ appetite for high quality investments.
Sales throughout the day ranged from $400,000 - $9.85 million, demonstrating the diversity of the portfolio.
A number of commercial properties in New South Wales achieved notable results throughout the day including the 'Rise & Shine Childcare’ in Sylvania selling for $9.4 million, achieving a national record yield of 3.70%. A KFC investment in Tumut sold under the hammer for $2.63 million (4.39% yield) and a United Petroleum in Tamworth sold for $5,020,000 (4.73% yield).
Commenting on the ’new norm’ of hosting online auction events Director Darren Beehag said “As restrictions can change very quickly, we are adept at adjusting our Portfolio auctions to suit. Investors are now well accustomed to online and phone bidding so moving to a remote auction today really was ‘business as usual’ which is reflected in the outstanding results.”
“The lockdown is a timely reminder for buyers about the benefits of essential service investment. They can still trade and pay their rent.”
“A lack of freehold investment supply in NSW also drove fierce competition today.”
Burgess Rawson’s next Portfolio Auction will be held in Melbourne on Tuesday 10 August at Crown Casino. See the properties up for sale here.
View all the results from Sydney's Burgess Rawson Portfolio 146 below.
