Investors spent $30.6 million at the Portfolio 158 event in Melbourne today with a strong success rate of 92%. The average blended yield was 5.49%.

The total tally for both Melbourne and Sydney events now sits at $65 million with an average blended yield of 5.36%.

Burgess Rawson CEO Ingrid Filmer said the results over the past two days show demand for essential assets remains strong despite rising interest rates and inflation.

“As the first portfolio of commercial leased investments to hit the market in 2023, Burgess Rawson continues to set the tone and be the ultimate litmus test.

“This result shows despite market headwinds, investors are seeking certainty in bricks and mortar. “We witnessed spirited bidding across the board particularly for childcare, fuel and fast food.

“Burgess Rawson is the market leader in this domain with our first portfolio event of the year attracting robust and competitive bidding and exceptional results,” she said.

Ten properties sold on the day with an 11th property selling the day prior to auction.

Top sales include the $6.979 million for the Guardian Childcare centre at Seacombe Gardens in South Australia which showed a yield of 5.5%. The iconic freehold at Salamanca Place, Battery Point, and home to iconic restaurant, Rockwall Bar & Grill sold for about $6 million reflecting a yield of 4.2%.

The results follow yesterday’s total of 10 assets selling over the campaign realising $35 million with an average blended yield of 5.25%. Highlight was the $7.5 million sale of a 7-Eleven at Pacific Highway, Killara which sold on a yield of 3.96%.

Highlights of Melbourne auction

• Success rate was 92%
• Total sales $30.6 million
• Top sale – Rockwall Bar & Grill which sold on a 4.2% yield
• Highlights of Sydney auction

Sydney success rate was: 100%

• Total sales for the day: $35 million
• Largest sale: 7-Eleven at 496 Pacific Highway, Killara sold for $7.5 million or 3.96% yield
• The final 158 event will be held in Brisbane tomorrow.

Related Reading: 

Guzman Y Gomez leased Restaurant investment sold on 3.8% yield by Burgess Rawson

Two United Petroleum fuel and convenience retail outlets in Tasmania sold by Burgess Rawson and Knight Frank 

Convenience retailing hits the mark – Burgess Rawson’s, Jamie Perlinger