Burgess Rawson Portfolio Auction Update
Further to advice provided earlier this week, we reconfirm that all properties previously scheduled for Burgess Rawson’s Melbourne and Sydney Portfolio Auction 135 on Wednesday, 1 April and Thursday 2 April have been converted to Deadline Private Treaty campaigns.
Melbourne’s portfolio will be closing at 1pm tomorrow, Friday, 27 March, and Sydney’s portfolio will close at 3pm on Monday 30 March.
Since the launch of the Portfolio Auction campaign, senior Burgess Rawson staff have been meeting regularly and adjusting plans for the event in line with the shifting of Department of Health guidelines.
“All contingencies had been carefully considered with the health and safety of our clients and our staff at top of mind, at all times,” said Burgess Rawson Managing Director Ingrid Filmer.
“Now, in light of the increased containment measures and Monday’s shutdown of Crown Casino announced by the Victorian Premier, we anticipate that the ability for us to hold an auction of any kind will be removed completely,” added Ms Filmer.
“To remove any uncertainty, interested buyers will now be asked to submit their best offers for the properties on Contract by 1pm on Friday.”
However, trends show that buyers have been keen to trade prior to the scheduled auction despite the impact of COVID-19, with savvy investors looking to take advantage of record low interest rates and seeking stable assets in light of share market volatility.
“Vendors and purchasers are telling us that they are still willing and in fact need to transact properties, particularly in the lead up to end of financial year, and have been understanding of the challenges involved in coordinating our services in the current changing environment,” said Burgess Rawson director Mr Raoul Holderhead.
“In the last week alone our Melbourne office has transacted almost $30 million of commercial property, including a service station and two development sites,” added Mr Holderhead.
A brand new Liberty fuel freehold on a 15 year lease to Viva Energy Australia in Rosebud sold for $7,600,000 on a yield of 5.5%, while a Tarneit childcare centre with 12 years remaining on a lease to Sparrow Early Learning was snapped up by a Sydney-based investor for $5,450,000, reflecting a yield of 5.79%.
Terms have been agreed on five other properties that are expected to transfer to cash contracts in the next 24 hours.
For further information or to discuss, please contact us directly.