This article is from the Australian Property Journal archive
Peregrine Corporation has finalised the sale of a portfolio of freehold convenience retail outlets in South Australia for a combined $24.645 million with an average yield of 5.5%.
The sale was exclusively managed by Burgess Rawson’s Jamie Perlinger and Raoul Holderhead.
The portfolio was headlined by the $13.8 million sale of a Viva Energy service station located on Port Road, West Croydon. It was sold with a triple net head lease extending for 18 years with options through to 2077. The centre also includes a Subway, Krispy Kreme retail outlet and production facility, and a telecommunications retailer.
Holderhead said the level of enquiry was exceptional, with 326 overall enquiries and 16 registered buyers. The West Croydon asset alone attracted significant interest, receiving nine individual offers.
“These results highlight the strength of South Australia’s convenience retail market and the ongoing appeal of assets with secure, long-term income streams,” he added.
Other sales included the Kensington Road, Marryatville site, which sold for $4.88 million and is leased to Viva Energy for 15 years with options extending to 2074. Additionally, the Main South Road, Darlington property was purchased for $6.015 million, offering a 16-year lease to Viva Energy, alongside Subway and a car wash, all on a substantial 4,245 sqm site.
Peregrine Corporation CFO Michael Dodd said the sale these assets was in line with the company’s strategy to reallocate capital into new ventures.
“South Australia’s commercial property market remains strong, bolstered by initiatives such as the removal of stamp duty, which continues to drive investor interest,” Dodd concluded.
