This article is from the Australian Property Journal archive
A high-profile BP petrol station and drive-through coffee outlet on Brisbane’s southern gateway will be going to auction and could fetch in the mid-$10 millions.
The property, on a prime 6,004 sqm corner site at 3765 Pacific Highway, has corporate leases to BP Australia, Wild Bean Café and Zarraffa’s Coffee, which occupies a free-standing drive-through outlet on the site.
It has a total net lettable area of 1,058 sqm with direct exposure to more than 225,000 vehicles daily along the Pacific Motorway (M1). Redeveloped in 2013 with modern double-walled fuel tanks, the site is currently in the middle of a rebranding by BP which be include a new $500,000 fit-out with Wild Bean Café.
A 5% yield on the projected net income of $715,000 per year would represent a sale price of $14.3 million.
Steven King and Ryan Chandler, both of Colliers Gold Coast, and Hunter Higgins, of Colliers Brisbane, have been engaged to auction the site on 8th December on behalf of Capgrow Pty Ltd.
“Retail assets of this calibre offer a consistently high performance year in and year out with security of tenure and are traditionally very tightly held,” King said.
“The quality of the tenants, combined with both high visibility and accessibility from the M1, make this property a compelling investment opportunity.
High-net-worth private investors, private syndicates and funds.
“Despite global discussions surrounding the adaptation of electric vehicles, the petrol retail sector is still viewed as an incredibly strong asset class with all top-tier fuel brands actively looking to scale up operations by way of expanding volume of fuel stations.
He said the asset offers strength and security to hopeful purchasers due to its leases being underpinned by corporate entities as opposed to franchisees.
