Held on Tuesday the 11th of May 2021, at the Yallamundi Rooms in the Sydney Opera House, Burgess Rawson were delighted to offer their latest portfolio of properties to the Australian market.
Featuring properties from New South Wales, Queensland and the Australian Capital Territory, the portfolio contained commercial assets tenanted by high-profile national companies. Some of which included Commonwealth Bank, Pizza Hut, 7-Eleven, Harvey Norman and BP.
As 12 properties were placed up for sale, 2 sold prior to the event, meaning 10 were formally auctioned off throughout the day.
80-90 investors gathered to the much anticipated event, along with internet bidders and phone bidders who also joined in. 70% of auctions contained at least one phone bidder.
A highlight from the event saw the strong sale of the Brisbane Childcare Centre. The childcare investment sold to a phone bidder for $5,700,000, representing a yield of 6.09%. Such a result reflects the consistent government subsidies being offered in Sydney.
Another outstanding result was in Neutral Bay on Sydney’s lower north shore with the sale of LJ Hooker (Atlas office) for $4,280,000, generating a yield of 5.69%.
With a total of 51 bids recorded, two buyers slugged it out for a development site at Seven Hills, which eventually sold under the hammer for $3,101,000 + GST.
Amazingly, the event saw 90% of properties sell under the hammer, highlighting very strong market performance.
Overall, the event also saw successful results for underbidders, as agents worked strongly to leave no stone unturned throughout all auctions, thereby maximizing the fantastic results that were achieved.
