The commercial property market in Leeton was front of mind for investors last week when a Cummins Inc. tenanted property sold for an impressive $1,066,000 through renowned Sydney agents, Burgess Rawson recently.
The property was scheduled to feature at Burgess Rawson’s first flagship Portfolio Auction of the year in Sydney on Tuesday February 20 but an attractive pre-auction offer was accepted by the vendor and it was sold.
According to Burgess Rawson Director, Dean Venturato, this sale is the start of a strong year for commercial property in the Leeton, Griffith and Wagga Wagga areas.
“Interest was high for this Leeton property with the successful buyer, a farmer from Victoria was thrilled to add such a valuable regional asset to his portfolio,” said Venturato.
“Offering a sizeable 3,895 sqm site with surplus land, making way for future development opportunities, it’s no surprise that the asset sold for more than the seller anticipated, at $1,066,000, representing a yield of 7.5%,” he said.
This week’s positive auction results follow a strong history in the Leeton, Griffith and Wagga Wagga area, where Burgess Rawson have sold more than $23million in commercial property assets.
“It has been interesting to see a shift amongst buyers throughout 2017 and now 2018, with commercial property investors increasingly attracted to properties in key regional areas, rather than just CBD locations,” said Mr Venturato.
“Burgess Rawson has had significant sales success in regional NSW in the past, most notably a Hungry Jacks in Griffith, which sold for $3,400,000 and The Good Guys, BCF and Petbarn complex in Wagga Wagga, which sold for an impressive $7,800,000,” he said.
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