Macquarie Countrywide Sells Two of Ten Supermarkets at Auction – realestatesource https://www.realestatesource.com.au Commercial and residential property news Thu, 10 Apr 2008 00:22:30 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.2 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Macquarie Countrywide Sells Two of Ten Supermarkets at Auction – realestatesource https://www.realestatesource.com.au 32 32 Macquarie Countrywide Sells Two of Ten Supermarkets at Auction https://www.realestatesource.com.au/macquarie-countrywide-sells-two-of-ten-supermarkets-at-auction/ Thu, 10 Apr 2008 00:22:30 +0000 http://realestatesource.com.au/wordpress/macquarie-countrywide-sells-two-of-ten-supermarkets-at-auction.html Executives at Macquarie Countrywide Trust are licking their wounds after only two of ten supermarkets they put to auction yesterday, sold.

]]> Macquarie CountryWide chief executive officer Steven Sewell is reported as saying he was surprised there was little bidding for the supermarkets, which were hoped to yield about $100 million for the asset-rich, cash-poor diversified investment house.

The group’s portfolio includes about 80 properties with a book value of $1.3 billion. It put 10 properties, with a book value of about $100 million, to the market earlier this year.

The two properties that did sell included the Coles-leased supermarket at Plympton in Adelaide’s west, which sold for $5.06 million on a yield of 6.6 per cent. This property had a book value of $5.3 million according to company reports.

Another supermarket in Georgetown, leased to Woolworths, sold for $3.75 million, reflecting a yield of 7.07 per cent. This supermarket sold for slightly more than its book value of $3.6 million.

Eight more properties, which include retail outlets in Queensland, New South Wales, Tasmania and Victoria were passed in without any bids.

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