Early education was the hot item at the Burgess Rawson Portfolio Auction event 160 which kicked off in Sydney today.

Burgess Rawson Partner, Yosh Mendis said the Goodstart Early Learning centre in Sydney’s prestigious suburb of Mosman sold for $4.41 million setting a record with its 2.75% yield. The property offered a substantial 697 square metre site in one of Sydney’s most prestigious suburbs and returned $121,434 per annum.

Mr Mendis said the property ticked all the boxes with a secure long term lease to a blue chip tenant, favourable triple net lease structure and its significant premium Sydney

He said that 14 properties sold for a total of $35 million reflecting a success rate of 74%.

“Despite interest rates, investors remain very active to secure strategically located ‘bricks and mortar’ assets secured by strong tenant covenants, particularly high net worth individuals and foreign investors,” he said.

A second centre to sell was the brand new vacant centre in East Hills which sold to an owner operator for $3.977 million. If leased, it offered a potential income of $176,000 which would provide a return of just 4.43%.

EG Group sold the first of three assets offered over the next few days with the Cameron Park property selling for $7.67 million, reflecting a yield of 5.87%.

A clean sweep was achieved for the four entry level retail assets leased to NRMA. The Nowra outlet sold for $1.62 million on a yield of 6.91% while the Picton property was the most affordable selling for $801,000, reflecting a yield of 6.35%.

Nationally tenanted Sydney F & B investments remained popular with the Kickin’Inn at Crows Nest selling for $4.4 million on a yield of 5.01%.

Portfolio Auction 160 will reconvene at Crown Casino in Melbourne on May 10 before concluding at The Hilton, Brisbane on May 11.

Click here to read article on Retalk Asia:  Life sciences real estate reaches 100 million sq. ft. with major hubs like Shanghai, Beijing, Tokyo, Singapore, and Melbourne; US$18 billion of funds has been raised to invest in life sciences real estate.

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