Held as an online event on July 28, Cushman and Wakefield’s National Investment Sales July Portfolio produced impressive results, achieving a 77% success rate.
Despite the lockdowns that continue to rock parts of the nation, there was high demand for the commercial properties within the portfolio as more than 1,000 enquiries were received in conjunction to the almost 200 requests received for contracts.
High net worth investors from around the country tuned in to get their hands on the array of commercial assets offered at the event.
Service stations, childcare centres, large format retail and healthcare properties headlined the portfolio, which saw 10 commercial properties sell throughout the event, totalling $51.5 million.
Service station assets achieved the most noteworthy results, totalling $20 million worth of sales on the day.
An impressive service station sale was a United tenanted service station in Coopers Plains, Queensland, selling at auction for $7.9 million on a 5.6% yield. Whilst, an Ampol anchored Truck Stop at Charlton, outside of Toowoomba, ended up selling for $11.2 million, achieving a yield of 5.75%. A medical centre in Norwest Business Park in New South Wales also sold for $2.43 million, achieving the lowest yield among the July portfolio properties of 4.95%.
Other notable sales included four childcare centres, which sold for almost $20 million, and a large format retail centre, leased to BCF and Dominoes in Warrawong, which sold for $7.6m on a 5.3% yield.
Cushman & Wakefield’s Head of National Investment Sales, Michael Collins, said, “Interest in service stations, childcare and medical assets remains at an all-time high. With one in five enquiries resulting in a request for contract and an uplift in pre-auction offers, it shows that demand remains high despite the latest lockdowns.”
“We have sold 10 of the 13 properties in our latest portfolio, or 77%, and are in advanced negotiations over two additional United service stations in expected to fetch in excess of $15 million. We continue to see yields sharpen across alternative commercial property asset classes driven by both demand and stock availability for well-located properties.”
