Three service stations and a bank-leased building have sold for $14.4 million in the latest portfolio auction conducted under the banner of Cushman & Wakefield.
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Cushman's inaugural portfolio auction held across sites in Sydney and Melbourne achieved a 66 per cent clearance rate after a portfolio of three Caltex petrol stations with 15-year leases in place and a property tenanted by National Australia Bank in Wagga Wagga sold.
The largest petrol station, a 2665-square-metre facility in Mount Waverley on a busy intersection at 622-626 Blackburn Road, sold to a private investor for $4.3 million on a low 3.48 per cent yield.
The other two service stations, one in Cheltenham North, Melbourne, and the second in San Remo, NSW, sold for yields of 4.28 and 6.1 per cent respectively.
Portfolio auctions have become an industry favourite with larger agencies like Cushman and CBRE following the lead of long-term player Burgess Rawson.
CBRE's inaugural portfolio auction in August achieved strong sales rates but a recent portfolio auction of residential development sites delivered a disappointing 50 per cent clearance rate.
The NAB building in Wagga Wagga sold for the first time in 25 years, fetched $2.31 million on a 6.72 per cent yield.
Properties that failed to sell on the day included a Cash Converters and another petrol station.