Investors spend $30.35m on leaseback assets
Six commercial assets offered with leasebacks sold at a portfolio auction event yesterday.
The priciest, a Sunbury Ford dealership, collected $9.61 million reflecting a 5.2 per cent yield.
A Cheltenham property occupied by Kingston Funerals since 1995 also traded, for $3.83m – a 3.78pc return.
Elsewhere in Melbourne, United sold service stations at Somerville ($3.625m) and Lilydale ($4.75m).
Another convenience retail investment offered by the retailer, at Seaton, west of Adelaide, fetched for $4.35m.
The yields for these assets ranged between 4.6-5pc (story continues below).
At Albury, a medical centre abutting Albury Wodonga Private Hospital earned $4.185m.
That price reflected a 4.63pc return.
Burgess Rawson auctioned the properties, along with 14 assets held by investors, via an online event; all up, $83.26m was achieved.
The most valuable property to sell – a Coates Warehouse backed warehouse in Adelaide’s Albert Park – collected $16.1m, at a 3.59pc yield.
Several investments, including the Ford dealership, traded sight-unseen, the agents said.
