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Three parties vie for Charles Sturt University retail asset

Property Markets / Transactions

Australia

Aug 30 2018

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Charles Sturt University has offloaded a retail asset in Bathurst on a sharp initial yield of 4.26 per cent at a competitive auction between three parties.

Savills Australia’s Robert Lowe brokered the deal for 126 William Street, in conjunction with Raine & Horne Bathurst’s Matt Clifton, for $880,000, reflecting a rate of $1,746 per sqm.

“Three bidders put their hands up for this well-located commercial asset, with a private Sydney investor eventually claiming the prize,” Mr Lowe said.

The two-storey freehold is currently leased to a restaurant on a three-year term, and generating about $45,502 per annum.

Mr Clifton said the buyer was attracted to the rental potential of the building when fully leased.

“With another tenant on the second floor, the opportunity exists for a gross annual income of $75,502,” he said.

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