Auction series ends year on a $25m high

ALMOST $25m worth of Queensland properties were sold in the final Burgess Rawson portfolio auction of the year with the majority from greater Brisbane.

Four properties were sold under the hammer on Thursday including two PDF cold stores, while three assets – a convenience store at Garbutt in Townsville, a neighbourhood shopping centre at Arana Hills, and an office unit at Murarrie sold before auction.

Overall, in Sydney, Melbourne and Brisbane about $78m in sales were recorded and Burgess Rawson chief executive Ingrid Filmer said essential services, in particular childcare investments, remained highly contested due to their secure, long term leases and quality tenants.

“The interest rate rise has failed to quash investor appetite for quality properties with yields continuing to tighten,” she said.

“We’re seeing demand remain strong with yields continuing to fall even though the cash rate is rising.”

The largest sale in Queensland was the Eden Academy Childcare Centre at 40-44 Munro St, Auchenflower, which sold for $6.85m and recorded a yield of 5.14 per cent.

The Dalgety Public House at 8-9/110 Macquarie St, Teneriffe, sold for $1.905m on a yield of 7.2 per cent.

Two Queensland assets that were part of the $14m PFD Foods cold stores portfolio were sold – 67 Proprietary St, Tingalpa for $2.67m (5 per cent yield); and one at Bendall Drive, Mount Isa, for $650,000 (9.1 per cent).