APJ’s property sales and leasing transactions wrap

SOME $21 million worth of childcare centres have sold as part of yesterday’s Burgess Rawson portfolio auction event in Brisbane.

The event rounded out a week of three events that also included turns in Sydney and Melbourne, and saw $91.5 million of sales in total.

Yesterday saw $29.07 million of commercial property sell, on a blended yield of 5.18%.

Among the major sales yesterday were an Affinity Education childcare centre in Robina on the Gold Coast selling for $8.8 million, on a yield of 5.43% with a 15-year lease to 2036 with three 10-year options, and a Guardian Childcare in Logan’s Rochedale South selling for $6.17 million, on a yield of 4.88%. That has a new 20+10+10-year lease.

The Oaktree Academy centre in the Moreton Bay Region’s Woodford sold prior to the auction for $6.1 million, reflecting a yield of 5.2%.

Burgess Rawson has now sold $63 million in early education assets over the March quarter.

Partner Adam Thomas said the day’s results show demand for essential services such as early education and fast food continued to whet investor appetite because they offer secure long-term leases and recession-proof.

The lowest yield achieved was 4.09% for the KFC at Bundamba which sold for $4.69 million.

The Melbourne event saw a 7-Eleven in Hawthorn East sell for $6.7 million on a tight yield of just 3.94%, while followed the sale of a 7-Eleven in Jamisontown sold at the Sydney event on Tuesday for $6.2 million, showing a yield of 4.99%.

Highlights at the Sydney auction included the Taylor Early Learning Centre in the ACT transacting for $5.52 million on a yield of 5.51%, and a group of four restaurants at Campbelltown selling for $9.15 million, reflecting a yield of 6.22%.