Petrol powers $117m frenzy at investment auctions
Childcare centres and petrol stations were in investors’ crosshairs at the latest Burgess Rawson investment portfolio auctions, which saw $117 million worth of property change hands over two days.
Petrol retailer United Petroleum offloaded more of its assets at the auctions, little more than a month after selling six stations.
One station at Narre Warren in Victoria sold after Wednesday’s Melbourne auction for $4.26 million on a 6.1% yield, while a pair of Tasmanian stations at Newnham and Hobart North sold for $3.75 million and $3.751 million, respectively.
Meanwhile, six childcare centres found new owners at the Melbourne auction as investors came hard again for one of the commercial market’s most in-demand asset classes.
A centre leased to industry heavyweight G8 Education at Banyo in Queensland transacted for $2.34 million on a yield of 5.14%, while a larger centre at Werribee in Victoria sold for $4.75 million.
A Southport facility leased to Affinity Education went for $2.6 million on a sub-6% yield, as did a Sparrow Early Learning centre development site at Tarneit in Victoria, which reached $5.13 million.
Meanwhile, Victorian high country day spa the Onsen Retreat and Spa at Dinner Plain sold for $4.8 million on an almost unheard of yield of 17.26%, six weeks after being passed in when auctioned a first time.