$4.65 million worth of commercial property in Parkes sells in just months

In a matter of months, four commercial properties with a combined value of $4.65 million have been snapped up in Parkes.

Burgess Rawson's recent Flagship Portfolio Auction, which was held late September in Sydney, saw the Supercheap Auto site at in Forbes Road purchased for $2,575,000 on a 5.97% yield.

Meanwhile the popular Domino's location at 246 Clarinda Street was bought by a Sydney investor for $690,000 on a 6.58% yield.

Just days after the two properties sold under the hammer, the Telstra shop, also in Clarinda Street, settled for $760,000 to a Bathurst buyer on a 6.84% yield.

A DA-approved service station in nearby Peak Hill, located 35 kilometre north of Parkes, received more than 270 enquiries during its marketing campaign and also sold recently to a South Australian property developer for the asking price $650,000.

Burgess Rawson Associate Director Kieran Bourke has handled three of these transactions and said Parkes is currently experiencing exponential growth as a regional hub of NSW.


"We welcomed almost 600 enquiries for these four properties combined and if that isn't a great result for a regional town, I don't know what is," he said.

"With significant investment from the government to transform Parkes as a key destination for the huge Melbourne to Brisbane Inland Rail project, this region is particularly remaining top of mind for investors.

"Active buyers are seeing the true value increase properties like these could bring to their portfolio over time and we expect to continue receiving mounting interest as the infrastructure project progresses."

What do you think?