SMSF commercial property owners exiting the market ahead of tax changes
The South Melbourne ANZ branch premises have sold under the hammer for $5.7 million.
It is the latest in a series of properties owned by superannuation funds to be offered to the market.
CBRE managed the sale campaign for the 307 Clarendon Street property, which is leased to ANZ for a two-year term.
The auction for the 469sqm freehold property attracted a crowd of more than 100 people, with a total of 32 bids received from a pool of local and offshore investors.
Mr James said the sale highlighted a recent flurry of movement from investors looking to divest properties purchased through superannuation funds.
This is ahead of tax changes to be introduced next year.
“Some 28% of properties we have listed in November and December are owned by superannuation funds.
"This is with a number of these owners receiving advice that there could be significant tax implications should they continue to hold these assets in their super post June 30 next year,” Mr James said.
“We have started to list properties under these circumstances for the start of 2017, and anticipate seeing further stock coming onto the market all the way through to June, should the new regulation be passed.”
Mr Hage said the strong sale result, which translated to a yield of 3.5 percent, further evidenced the ongoing demand for quality leased assets in premium locations.
“This asset represented an outstanding investment opportunity, given its attractive tenancy profile and prominent position in South Melbourne,” Mr Hage said.
