This article is from the Australian Property Journal archive
INVESTORS continue to show a thirst for petrol stations, with a Shell and Coles Express site in southern Sydney’s Kingsgrove sold under the hammer for $5.06 million.
The 3,320sqm corner site at 137-139 Kingsgrove Road sold with a lease to Viva Energy until March 2021 with a five-year option, with rental growth of between 3% and 6% per annum.
The site is currently returning $183,022 per annum, reflecting a tight 3.62% yield, with the tenant paying all outgoings.
Savills agents Robert Lowe, Andrew Palmer and Steven Lerche marketed the property, which was auctioned by Jesse Davidson of Auctionworks.
The site is close to the M5 Motorway and Canterbury Road.
Australian Property Journal
