Investor shells out $22.5m in Australia's biggest servo deal for a decade
Investors continue to pump money into Australia’s service stations, with a Melbourne deal for more than $20 million announced and another just listed that is expected to achieve a similar price.
A local private investor bought the 10,000-square-metre service station and convenience store complex on the West Gate Freeway for $22.5 million on a 5.5 per cent yield – the biggest sale of a petrol station in Australia for more than 10 years, says Savills Australia’s Clinton Baxter.
MAB Corporation completed the complex at 62 Cook Street, Port Melbourne earlier this year and it was leased by Viva Energy Australia – which operates Shell and Coles Express – as well as Hungry Jack’s and Red Rooster. All tenants are on 15-year terms and returning a total net income of $1.41 million.
Mr Baxter sold the property with Savills colleagues Chris Jones and Ben Hegerty, and Andrew Dawkins and Walter Occhiuto, of Dawkins Occhiuto.
Mr Jones said the property attracted offers from as far afield as Asia and Europe.
“It was an opportunity that rarely comes to market and unlikely to be repeated given the dearth of similar sites and properties offering such strong locational advantages,’’ Mr Jones said.
The service station site at 843 Whitehorse Road, Box Hill, that is expected to sell for more than $20 million.
A BP-operated service station at 843 Whitehorse Road, Box Hill, is on the market and expected to fetch more than $20 million.
The 1972-square-metre corner site, which is to be sold subject to Commercial 1 rezoning, is close to development-approved precedents of up to 36 storeys in height.
