The cashed-up small investor market has shown no signs of easing, with a number of regional business premises snapped up at the most recent Burgess Rawson auction campaign.
Many of the assets included service stations and banks in rural areas and were bought at solid yields, reflecting demand for bricks and mortar in the current lower-for-longer interest rate environment.
Among the sales, a Caltex-branded service station at 337 West Street, Umina Beach, in NSW, sold for $3.52 million to a private investor on a tight yield of 5.2 per cent, and a St George-tenanted freehold bank investment at 125 Macquarie Street, Dubbo, went for $2.24 million on a yield of 6.42 per cent.
Other deals were a Harvey Norman-tenanted retail superstore at 5-9 Saleyards Road, Parkes, which was snapped up for $2 million on a yield of 7.5 per cent, and a 7 Eleven-branded convenience retail site at 85 Perth Street, Toowoomba, which was sold immediately after bidding closed. Price and parties were not disclosed.