Ray White Commercial Achieves 96% Auction Clearance Rate
The Ray White Commercial network’s auction campaigns achieved a 96 per cent clearance rate during the second half of 2015, with strong demand for quality investment stock.
Ray White Commercial Head of Research, Vanessa Rader, said during the 2015 calendar year approximately $240 million was sold nationwide across the Ray White Commercial group, via 184 auction campaigns.
“Most encouragingly we had a very strong second half of the year in 2015 with a clearance rate of 95.89 per cent from 73 auctions with total sales of $93.59 million,” Ms Rader said in her Auction Insights July-December 2015 report.
“During the second half of 2015 the high number of registered bidders, with an average of seven per auction, further emphasised the strong demand for investment quality stock.”
One of the standout auctions during the second half of 2015 was for a property at Gympie Road, Kedron, in Brisbane’s inner north which is home to Queensland’s first KFC restaurant.
The property leased to market leading ASX listed company Collins Food Limited until August, 2021, with 2 x 5 year options was sold by Ray White Commercial (Qld) Director of Sales John Dwyer at the Ray White corporate auction in Brisbane for $3.8 million and a 4.84 per cent yield.
“The property was sold under the hammer to a Queensland based investor after a four week marketing campaign which generated 79 enquiries and attracted 14 registered bidders,” Mr Dwyer said.
“This marketing campaign provides clear evidence to any vendor considering selling prime assets that auction campaigns foster keen competition and produce optimal results.
“The campaign also demonstrated the high demand for retail assets leased to national food operators.”