Battery Point restaurant soars at auction
An 1830s Salamanca Place building occupied by Rockwall Bar & Grill sold at auction yesterday for $5.95 million – a 4.29 per cent yield.
The three storey, 409 square metre asset – part of a Georgian style warehouse – was offloaded by ex-VFL ruckman Garry Baker and his wife, restaurateur, Susan Catchpool, who established the business there in 2008.
It was expected to fetch c$5m, which would have reflected a five per cent return.
The actual result, according to the marketing agents, Burgess Rawson’s Matthew Wright and Beau Coulter with Knight Frank’s George Burbury and Scott Newman, represents one of the highest land rates achieved in the Battery Point strip.
The buyer was an offshore investor who holds other Tasmanian commercial real estate.
89 Salamanca Place
On 304 sqm, 89 Salamanca Place includes two levels of retail and a top floor apartment.
The listing came about after the vendors sold the Rockwall Bar & Grill business last year; Mr Baker, who played for Footscray, Melbourne and Sydney in the 1970s, turns 70 next month (story continues below).
It was one of 11 properties offered at a bulk auction event hosted by Burgess Rawson in Melbourne yesterday.
All sold – one before the day. The total tally was $30.6m. The blended yield was 5.36pc.
The priciest asset was a Guardian backed childcare centre in Adelaide’s Seacombe Gardens, which fetched $6.979m – a 5.25pc return.
“This result shows despite market headwinds, investors are seeking certainty in bricks and mortar,” Burgess Rawson chief executive officer, Ingrid Filmer, said.
“We witnessed spirited bidding across the board particularly for childcare, fuel and fast food assets,” she added.
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