PUNTERS POUNCE ON PORTFOLIO

Eight properties in a Victorian portfolio have been sold by agents of Vinci Carbone over a three-day period of auctions. The portfolio of properties, including car yards and retail shops, were sold by property developer, Mario Salvo. The eight sold properties of the twelve in the portfolio were sold on yields varying from 4.28% to 6.23%, with the average yield across the portfolio being 5.49% and the total value of transactions sitting at approximately $11 million. Over 450 enquiries from a combination of developers, investors and occupiers are understood to have been received, with Vinci Carbone agents describing the auctions as being ‘oversubscribed’. The properties sold comprise of three display sites occupied by Europcar, one display site leased to Crown rentals, a two-storey freehold occupied by an Optus Dealer in North Melbourne, part of a property occupied by Jefferson Ford in Southbank and a shop in Franklin Street, Melbourne. An eighth property in the portfolio, a display site occupied by Europcar on the Nepean Highway, Cheltenham, is confirmed to have been sold at auction for $1.6 million, equating to a yield of 4.6%. Vinci Carbone director, Frank Vinci, said that given the level of interest and new enquiries he has received regarding this group of properties there is no doubt that the property market has got enormous depth. “We estimate that just out of the 450 enquiries which we have received that there is probably close to $800 million looking for a home by way of property acquisitions,” said Mr Vinci. “This is in addition to the large number of buyers which we already had on our books that are looking to spend lump sums of up to $50 million each.”