$40m in Sales Under the Hammer

More than $40m worth of Queensland property has sold under the hammer, with defensive assets drawing high net worth investors. Burgess Rawson’s latest portfolio auction sold 10 out of 11 properties with the sale of a Mount Isa Bunnings at 89 West St for $16.202m – and a yield of 4.29 per cent – the highlight. Burgess Rawson partner and joint head of agency QLD Campbell Bowers said overall $40.058m of Queensland assets were sold with a blended yield of 4.92 per cent.

“There was something for everyone and a mix of regional and metro assets,” he said.

“Buyers were high-net worth private investors looking for income security with long-term net leases.”

Other major sales were:

Caltex service station, 148-152 Clarke Road, Crestmead – $5.84m, 5.22 per cent yield;

Red Rooster/Pizza Hut fast food, Carrajong in Townsville – $4.71m, 4.91 per cent;

Support accommodation facility, 21 Christine St, North Booval in Ipswich – $3.58m, 5.31 per cent;

Good Start Early Learning, 8 Carl Court, Rural View in Mackay – $3.125m, 5.78 per cent;

Good Start Early Learning, 55 Mark Rd, Little Mountain in Caloundra – $2.43m, 4.27 per cent;

A residence at 304 Alderly St, Centenary Heights, in Toowoomba – $1.3m, 5.68 per cent

Mr Bowers said investors were seeking defensive assets.

“When things get a little uncertain, investors tend to flock to quality properties, stuff that will trade strongly through any economic conditions,” he said.

“Most of these properties were leased to good strong tenants.”