Burgess Rawson’s first portfolio event for 2024 was a huge standout reaping in a total of $66.79 million with a success rate of 70.83 per cent.

Burgess Rawson CEO, Ingrid Filmer said demand for healthcare was particularly robust with these assets attracting multiple bidders and strong results.

St John of God sold its distribution centre at 33 Grandlee Drive, Wendouree for $3.93 million reflecting a yield of 5.54 per cent.

The property was built and occupied by St John of God in 2007 and they sold the property on a leaseback basis, complete with a new seven-year lease at an initial net annual rental of $220,000.

The Kilda Day Hospital and St Kilda South Medical Centre, located in Dickens Street, Elwood sold under the hammer for $5.701 million reflecting a yield of 7.74 per cent.

The property comprises two well-presented medical buildings totalling 418 sqm securely leased to the international not-for-profit group, MSI as well as the St Kilda South Medical Centre, which has been in operation since 1986.

Demand for assets located in South Australia proved highly contested with investors lured to the competitive conditions of the state including not having to pay stamp duty on commercial assets.

The property leased to PFD Foods in Whyalla sold for $1.16 million on a yield of 6.3 per cent while an asset leased to Novita Services in Kadina sold for $1.63 million. The Aboriginal Drug and Alcohol Council in Port Augusta also sold for $620,000 reflecting a yield of 6.36 per cent.

The Melbourne event saw $23.752 million transacted while the Sydney event held on Tuesday saw a total of $43.04 million in sales and a strong clearance rate of 70 per cent.

The highest transaction was a major medical centre at 14 Highfields Circuit, Port Macquarie which sold through National Partner, Yosh Mendis and Geoff Sinclair for $14.2 million showing a tight yield of 5.98 per cent.

Elsewhere, the landmark Reece outlet in Batt Street, Jamisontown for $13.25 million providing a return of just 5.13 per cent.

Mr Mendis said both properties attracted strong interest throughout the campaign generating multiple bids on the day.

Total sales for Melbourne and Sydney

• Total sales: $66.79 million
• Success rate: 70.83%

Melbourne:

• Total sales: $23.752 million
• Success rate: 71.43%

Sydney:

• Total sales: $43.04 million
• Success rate: 70%

Related Reading:

Day 1 of Burgess Rawson’s first auction event for the year achieved an impressive $43 million in sales today | Commo.

Sydney suburban early education asset sold 5.32% by Burgess Rawson  | Commo.

Burgess Rawson launches Australia's first major commercial property auction event for 2024 | Commo.

St John of God Health Care industrial investment for sale by Burgess Rawson | The Industrialist

Burgess Rawson CEO, Ingrid Filmer