This article is from the Australian Property Journal archive
A COLLECTION of service station investments and development sites spanning over 200,000 sqm across the east coast of Australia has come to market.
Dubbed “The Petroleum Portfolio”, the properties are occupied by Mobil service stations include a 1,897 sqm site in Albury with a 10-year lease and five-year option returning $208,298 per year gross, and a 16.64-hectare island site fronting the Hume Highway in Coolac, in the Riverina region, with RU1 primary production zoning with existing fuel approval that is billed as a “prime development opportunity” and could return $700,000 fully leased.
The portfolio is listed for sale individually or in one line through Colliers’ Jordan McConnell, Matthew Meynell and Samantha Carroll, on behalf of Barry Kogan and Katherine Sozou as receivers and managers.
Together, the sites have a potential fully leased income in excess of approximately $2.3 million across both rural and suburban locations that also include Coolamon, Coonamble, Denham Court, Gunnedah, Hillston, Jugiong, Tumut, Narrandera and West Wyalong.
“The portfolio provides an exciting opportunity for purchasers to acquire a network of fuel investments strategically located along key suburban and regional transport routes,” McConnell said.
Carroll said ongoing transactions in regional locations for quality, defensive investments have been observed and the agents believe this portfolio will be well received from a wide range of purchasers.
Meynell said the portfolio presents value add potential for investors, developers and potential occupiers.
The portfolio is for sale via an expressions of interest campaign closing on Wednesday, 8th November.
A year ago, service station giant Ampol tipped to the market 17 vacant sites spanning 100,000 sqm and suitable for redevelopment. The collection comprised six landholdings in South Australia, four in NSW, three in Victoria, two in Queensland, and one in both Western Australia and Tasmania.
Around the same time, another portfolio of 14 fuel stations occupied by Chevron, Viva Energy, EG Group and 7-Eleven all hit the market with a weighted average lease expiry of 10.8 years.
