Close to $18 million in property has changed hands as part of a new CBRE National Auction Series, amid a tough economic environment.

At Ingleburn in Sydney, a 7-Eleven at 72 Cumberland Road was sold under the hammer to a local Western, Sydney-based private investor for $4.5 million, representing a yield of 5.28%.

A newly built, NDIS funded disability accommodation facility at Marsden, south of Brisbane, was meanwhile sold to a private investor for $2.351 million, representing a yield of 9.15%.  

Alexandra Headland’s Alex Hotel on the Sunshine Coast was sold prior to auction to a Sydney-based family for $11 million, representing a yield of 6.19%.

The platform achieved a 60% clearance rate for properties marketed as part of the portfolio.

The National Auction Series showcases a selection of premium assets across several sectors nationwide and involves multiple CBRE agents.

CBRE Capital Markets General Manager Adrian Sacco said, “We need to be expansive in our offering given the current market conditions and rising interest rate environment.”

“The National Property Auction Series provides a platform that efficiently leverages interstate buyer pools and maximises value for our clients.”

CBRE Sunshine Coast’s Managing Director Louisa Blennerhassett was involved in brokering the Alex Hotel deal.

“We had marketed the Alex Hotel for a number of months prior to submitting it to the national auction series,” Ms Blennerhassett said.

“As a direct result of communication with our metro agents across Australia in the auction lead-up, a buyer was introduced from Sydney. This buyer would not have actively sought out the opportunity otherwise and was referred by one of our Sydney agents. As a result, an unconditional contract was signed prior to the auction.”

“The CBRE National Auction Series gave our vendor exposure to a more specialised buyer group than through traditional media, which yielded a direct result in the sale of the property.”

The next auction in the CBRE National Auction Series will be held in Q4 of this year.