An Illawarra postal distribution facility has fetched a $9.6 million sale price.
Commercial agency Burgess Rawson’s first flagship portfolio auction of the year reportedly attracted a large crowd of investors in Sydney on Tuesday.
A StarTrack property in Unanderra attracted the highest bid of the day at $9,600,000.
The 185 Berkeley Road property provides a net income of $825,114 PA plus GST and is anchored by StarTrack.
Burgess Rawson NSW sales executive Rhys Parker said Wollongong and South Coast assets proved particularly popular at the portfolio auction, with three properties attracting significant bidding competition.
A 7-Eleven asset at Lake Illawarra also sold for $5,615,000, representing a 5.85 per cent yield.
A Sussex Inlet property tenanted to Ocean & Earth sold for $1,910,000, representing a 6.17 per cent yield.