Small buyers spend up big
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Small buyers spend up big

Small-sized investors have spent up at the Burgess Rawson’s September Portfolio auction buying  more than $28.8 million in assets.

Metro banks proved to be the drawcard for investors, with the commercial realtor’s auction  achieving a 75 per cent clearance rate.

Included in the results were prime assets including a NAB in Rockdale, Sydney, which sold for $5.5 million on a 4.33 per cent yield; the Westpac bank site in Kogarah, sold for $3.5 million on a 4.58 per cent yield, and a medical facility in Bondi Junction, sold for $2.59 million on a 4.94 per cent yield.

The Railway Parade, Kogarah site leased to Westpac has been sold at auction.

The Railway Parade, Kogarah site leased to Westpac has been sold at auction.

Burgess Rawson Sydney director Simon Staddon said nine out of the 12 properties on the auction block were sold under the hammer to private investors, with many above their reserve and the remaining three currently under negotiation.

''Investors have confidence in inner-city locations because of future tenant demand, particularly as both Darlinghurst and Bondi Junction have witnessed considerable population growth in recent years,'' Mr Staddon said.

These assets are favoured by small to medium buyers that are added to self-managed super funds for the strong yields on the land value and the long leases which generate recurring rental income.

Carolyn Cummins is Commercial Property Editor for The Sydney Morning Herald.

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