Strong bidding and demand for the Supercheap Auto in Rosny Park, Tasmania has seen the property sell at one of the lowest yields seen in recent months, emulating recent sale results achieved in Melbourne.
The property, located on the corner of Gordons Hill Road and Park Avenue, sold on an unconditional basis after a national Expression of Interest campaign. Over 16 offers were presented to the vendors for consideration, with the successful winning bidder, a Melbourne private investor.
“Savvy investors are looking Australia-wide for quality and securely leased premises that provide long term income growth and depreciation benefits. Several offers were received from Victoria, South Australia and New South Wales for this Tasmanian based property,” Mr Du Rieu said.
SuperCheap Auto Rosny Park is situated 6km from the Hobart CBD and is adjacent to Eastland Shopping Centre. The 3,725sqm recently refurbished investment has a gross lettable area of 1,075sqm, provides 52 car parking spaces and is leased to Supercheap Auto until 2027.
The sale of Supercheap Auto Rosny Park follows CBRE’s recent transaction of the Puma Service Station in Sunbury for $4.8 million to a Chinese investor – reflecting a yield of 5.89%.. In further recent transactions, Freedom Hobart sold recently for $5.385 million (7.01% yield) and Coles Launceston transacted for $9.75 million - a yield of 5.69%.
“Whilst capital restrictions from China have slowed, the tightening of funding across the board is driving much of the remaining capital from Asian investors into securely leased investments with long leases such as service stations and supermarkets,” Mr Tong said.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.