Dan Murphy’s site sets retail property record
The site of the Dan Murphy’s store at Aplhington in Victoria, which is also home to the retail group’s national head office, sold under auction last week for $22.5m
The property was sold at CBRE’s first Premium Property Portfolio auction, and went for $7m more than its on-market price, with a record low yield of just 3.21 per cent.
CBRE National Director of Retail Investments, Mark Wizel, said: “Dan Murphy’s – the trophy asset on the night – sold to an Italian family who aggressively pursued the property, taking it from its on-market price of $15,500,000 to the eventual sale price of $22,500,000. This reflects the tightest yield achieved in Australia for a freestanding retail investment property.
The property has a long-lease to Woolworths and was sold by the previous owners who bought it from Fabcot in 2002 for $10m.
The auction night also saw a freestanding Coles supermarket in the Warrnambool CBD and a freestanding Woolworths supermarket in Mackay, Queensland sold, as well as a number of child care centres.
And while Wizel did say that there were several groups of bidders who had flown in from China and Singapore for the auction, the major winners on the night were Australian-based private investors.
“One investor, who recently sold a major parcel of land, secured multiple assets on the night and outbid a number of other aggressive local buyers as well as active buyers from Asia,” Wizel said.