Ray White Commercial Investment Auction Clean Sweep
Buyers swooped on tenanted properties listed for sale at Ray White Commercial’s latest commercial investment auction with the Brisbane event achieving a 100 per cent clearance rate and total sales of $6.265 million.
Ray White Commercial Senior Director Auctions and Investments, Richard Impiombato, said three high profile investment properties were offered at the event at the Ray White auction rooms at 111 Eagle St, Brisbane.
Richard Impiombato said one property sold prior to auction, another was sold under the hammer by Ray White auctioneer Philip Parker, while the third sold post-auction.
The top price was $3.15 million for a warehouse/office complex at Garbutt in Townsville which has the Laminex group as a long term tenant. It was marketed by Ray White Commercial Townsville Principal Graeme Russell. The complex was sold prior to auction for a yield of 8.38 per cent with the purchaser a Sydney-based investor with a large national property portfolio.
Richard Impiombato and Ray White Hotels Australia Managing Director Tony Bargwanna offered for sale an approximately 224 sqm freehold retail property at Brassall near Ipswich.
Underpinned by a long term lease from Woolworths/BWS, the property attracted 10 registered bidders before being sold under the hammer for $1.29 million and a 6.2 per cent yield.
“Bidding started at $850,000 and there was a spirited tussle between three interested parties before the successful final bid of $1.29 million,” Mr Impiombato said.
A partially tenanted retail freehold at Morayfield (pictured) on Brisbane’s northern outskirts marketed by Ray White Commercial North Coast Central’s Chris Massie and Ashley Rees was sold post-auction on behalf of a Mortgagee for $1.825 million.
Richard Impiombato said investment sale auction transactions had been achieving a high clearance rate.
“Passive investment property with the ‘trifecta’ of a long lease, secure covenant and attractive location are in strong demand,” he said.
The next Ray White Commercial investment auction day will be held at the Ray White auction rooms at 111 Eagle Street in Brisbane on Thursday, August 27, 2015.