Studios Part of Big Sales Show
Property developer Michael Vidale is having another go at selling the Channel 7 studios in Hindmarsh, with the property to go under the hammer as part of Burgess Rawson’s upcoming portfolio auction.
The property is one of five South Australian assets included in the auction line-up, which has been described as the largest commercial property auction held in Australia.
Other South Australian properties on offer include a Coates Hire industrial facility in Albert Park and two childcare centres in Angle Vale and Strathalbyn.
A United petrol station in Seaton rounds out the local offerings.
The Seven headquarters on Port Rd was last listed for sale in April last year, when offers in excess of $16 million were expected.
Seven signed a new 15-year lease in 2019, with the option of extending for a further 15 years.
The property, together with the other four local offerings, will go under the hammer on the first day of the three-day auction event on September 28.
A total of 61 properties across the country, including childcare centres, shopping centres, food outlets, medical centres, industrial assets and petrol stations, will be offered across the three days, and are expected to generate about $260 million for vendors.
Burgess Rawson’s most recent portfolio auction earlier this month achieved an 87 per cent clearance rate, selling 40 properties for a combined value of $120 million.
More than 30,000 investors are expected to tune in for next month’s event, with bidding available online, via phone or in-person at offices not affected by Covid-19 restrictions.
Burgess Rawson national head of agency Adam Thomas said it would be the largest ever commercial property auction in Australia.
“Investors who typically would have channelled their funds into the share market or residential sector are seeing greater stability, and sustainable levels of growth, in commercial assets,” he said.
“This of course is a direct result of Australia’s strong economic performance through the pandemic and the recognition that commercial investment properties leased to essential service tenants operate in a class of their own.”