Almost $30 Million in Retail Assets Change Hands at Portfolio Auction

More than 450 people squeezed into a Crown Casino function room earlier this week, to watch almost $30 million of retail assets in Victoria, Tasmania and New South Wales change hands at Burgess Rawson’s latest portfolio auction.

Five Victorian properties, including small retail assets in Hawthorn, Brighton and Keysborough, sold for a total of $3.2 million, on yields of between 6.25 per cent and 7.73 per cent. The most expensive asset sold was a Woolworths in Nambucca Heads, NSW which sold for $9.3 million on a yield of 6.1 per cent.

Elsewhere in Melbourne this week, Fitzroys sold a retail building with development potential at 218 – 224 High Street Ashburton for $3.22 million, against a reserve of $2.6 million. Fitzroys agent Geoff Emmett said the property sold with town planning approval for a three-level building which would include two shops and five apartments.

In Canterbury’s Maling Road retail strip, GormanKelly sold a vacant shop for $1.55 million.

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