Published 22 November 2016, updated 23 November 2016
2 of the 3 food outlets in Aubrey Edwards Ltd’s 301 Lincoln Rd development in Henderson were sold at Colliers’ auction on Tuesday, and the third post-auction, following the successful auction of 5 outlets there on 25 October.
The first part of the new development to sell was a childcare centre on top of the building, sold at a 6.1% yield. The next batch were sold on yields ranging from a whisker under 5% for 2 of them, up to 5.36%.
The yield on the first sale on Tuesday, of the Brumby’s Bakery premises, was dead on 5% and Momo Tea followed at 5.5%, but sale of the Wow Sushi premises was left hanging when bidding stopped at $1.2 million, representing 5.7%.
301 Lincoln Rd:
Agents on all 3: Shoneet Chand, Peter Kermode & Craig Smith
Unit A6, Brumby’s Bakery:
Features: 80m², 8-year lease, 2 6-year rights of renewal, 3%/year fixed rental growth
Rent: $47,500/year net + gst
Outcome: sold for $950,000 at a 5% yield
Unit A3, Momo Tea:
Features: 198.5m², 6-year lease, 2 6-year rights of renewal, 2.25%/year fixed rental growth
Rent: $89,325/year net + gst
Outcome: sold for $1.65 million at a 5.5% yield
Updated: Unit A2, Wow Sushi:
Features: 130.1m², 8-year lease, 2 4-year rights of renewal, 3%/year fixed rental growth
Rent: $68,302/year net + gst
Outcome: passed in at $1.2 million, sold post-auction for $1.23 million at a 5.55% yield
26 October 2016: Updated: 5 Lincoln Rd retail units sell at auction
17 October 2016: Updated: 3 strong sales at Colliers auction, 1 post-auction