This article is from the Australian Property Journal archive
GROWING national fuel retailer Pearl Energy has picked up a high-profile service station holding in suburban Ashmore on the Gold Coast for $8.75 million.
On the corner of Olsen Avenue and Southport-Nerang Road, the 519 Olsen Avenue Ashmore property comprises a land area of 6,680 sqm and offers further development potential on an existing unused portion of the site.
Pearl Energy has 55 sites across the country and affiliations with supply partners Mobil Oil, BP Australia and Ampol Australia. The company launched its first Pearl Energy brand in the Brisbane suburb of Durak in 2018 and has plans to grow the brand further over the next five years.
The property was sold via expressions of interest conducted by Colliers’ Steven King and Clark Property Partners’ Steve Clark.
The campaign drew over 140 enquiries which led to 10 formal offers being submitted at the close of the campaign.
“Demand for this property was exceptionally strong, highlighting the prime position and upside potential of the site,” King said.
The property is anchored by an Ampol service station which is vacating in December and consists of a 160 sqm retail shop, nine fuel pumps and five underground 42,000 litre steel tanks plus a 120 sqm car wash.
Also on the site is a 540 sqm Goodyear Automotive showroom and workshop.
“Many investors were drawn to the Ashmore site for the opportunity to create a long WALE investment with a diversified income stream that they could hold long term or trade however ultimately the eventual buyer was an end-user for the service station,” King said.
A further 1,300 sqm of land sloping away from the site could potentially be reclaimed to further expand the site’s leasehold offering.
Tweed Coast Sands Pty Ltd was the vendor.
