Published 6 December 2019, updated 7 December 2019:
A prominent caryard in Penrose attracted just 5 bids at Colliers’ auction on Wednesday, followed by a long pause for negotiation without it being passed in. It was eventually sold – $1 million higher.
738-742 Great South Rd:
Features: 2700m² secure yard, 596m² floor area, occupied by City Motor Group (Motor 1 Ltd), owner is related company MCM Property Ltd
Rent: $326,320/year net + gst, new 8-year lease with 1 8-year right of renewal, fixed 2%/year rent reviews
Outcome: bidding paused at $5.75 million, at 5.7% yield, and no word of a transaction being sealed; sold for $6.75 million at a 4.83% yield
Agents: Hamish West, Paul Higgins & Ben Cockram