Colliers International sells two retail sites under the hammer
Two retail investments anchored by Westpac have been sold under the hammer in Ballarat and Bendigo as local commercial agents begin to wind up a strong year of sales.
Colliers International’s Andrew Lewis has sold two properties, at 302-306 Sturt Street in Ballarat and 49-53 Mitchell Street in Bendigo, at auction amidst strong investor interest.
Both properties are anchored by Westpac as a key tenant, with other smaller adjoining retail spaces forming part of the whole property.
Each property also benefits from a strategic location at the heart of its respective retail district, with the Ballarat asset in particular being situated opposite the local town hall and Myer building.
“There was high interest in these properties which resulted in a great outcome for the vendor,” Mr Lewis said. “The Bendigo site sold for $4,575,000 on a 4.22% yield, while the Ballarat site reached $5.7million and an impressive 6.5% yield."
Mr Lewis said 2015 had been a year of strong investment sales across the region.
“Low interest rates have fuelled increased interest in commercial real estate, particularly in the retail sector,” he said. “We have sold in the order of 10 properties around the region in the last 12 months at yields of between 6% to 7%. This is some 1% to 1.5% lower than 12 months ago. We see this trend continuing into 2016.”
49-53 Mitchell Street, Bendigo
302-306 Sturt Street, Ballarat