90pc sold, QLD CRE auction a success

Commercial property investors rounded out this week’s trio of Burgess Rawson portfolio auctions with a further $24 million of acquisitions under the hammer.

The Brisbane edition saw a 90% clearance rate from the 10 properties offered.

A pair of Goodstart Early Learning childcare investments opened the day’s proceedings. A Little Mountain facility sold for $2,430,000, with a 4.27% yield the tightest achieved for the day, and with a renewed triple net lease to 2028 plus options. That was followed by a Mackay centre on a larger 2,365 sqm site selling $3,125,000 at 5.78%, with a lease to 2025 with options.

The biggest price tag of the day went to a brand new Caltex-branded service station in Logan’s Crestmead, knocked down for $5.84 million on a return of 5.22%. Chevron Australia has a brand new 12-year lease over the 2,200 sqm corner site with 20 years of options.

Fast food was again a feature. A Currajong building on 2,002 sqm of land anchored by a 10-year lease to Red Rooster and also leased to Kalidad Kebabs was snapped up for $4,700,000, on a 4.91% return, while a central Rockhampton unit occupied by Indian food franchise Miss India sold for $446,000 at 6.45%. It has a three-year lease to mid-2024 with options.

A three-level NDIS-backed assisted living facility with 40 bedrooms on a 4,587 sqm site in Ipswich’s North Booval sold for $3.58 million, at 5.31%, with a brand new 15-year lease plus options to 2057.

Also selling were a triple-tenanted retail complex site with development upside in Bongaree for $1,135,000, at 5.58%, a Toowoomba unit block with four two-bedroom units build in 2016, for $1.46 million at 5.06% and on 727 sqm of land with residential zoning, and a Gladstone Wholesale Paint Group showroom and warehouse for $1.3 million, on a beefy yield of 7.73%. It has a three year lease with an option and is on 2,212 sqm of land.