This article is from the Australian Property Journal archive
FUNDS SA, the South Australian Government’s investment corporation, has netted $33.36 million from the sale of all four Shell service stations offered at a Sydney portfolio auction event yesterday.
JLL’s Nic Simarro and Harry Sullivan marketed the assets and were auctioned by Jesse Davidson of Auctionworks at 50 Margaret Street.
Each of the centres have sold with new 10-year leases to Viva Energy Australia with 3.5% annual increases, and are branded as Shell service stations with convenience and takeaway food outlets.
A city fringe Coles Express and Hungry Jack’s site of 3,724 sqm at 867-877 South Dowling Street in Waterloo achieved the highest price, selling for $12.86 million, with a current net return of $521,088 per annum and a B4 Mixed Use zoning.
Two Greenacre properties in the western suburbs changed hands. Zoned B1 Neighbourhood Centre, the 3,687 sqm property at 74 Roberts Road comprises a Coles Car Wash, Express convenience and 24-hour McDonald’s drive-through returning $416,523 per annum net, and fetched $7.675 million.
Nearby, at 9-11 Roberts Road, a 3,660 sqm site with Industrial zoning and operating as a Coles Express and Hungry Jack’s outlet sold for $7.365 million, with a net annual income of $400,238.
On the south-western metropolitan fringe, another Coles Express and Hungry Jack’s site in Narellan attracted $5.46 million. Zoned Business Development, the 3,698 sqm property at 287-293 Camden Valley Way has a lease beginning in January that will bring $404,453 per annum net.
Australian Property Journal
