This article is from the Australian Property Journal archive
A SERVICE station in the Moreton Bay region has sold for $8 million, headlining $22 million worth of sales at a portfolio auction offering in Brisbane yesterday.
Five out of six properties offered at the Hilton at the Burgess Rawson event sold under the hammer, while a further two sold prior to auction.
That included the Caboolture Caltex site, which sold on a 5.97% yield. On 2,466 sqm of land, the site has a 20-year net lease petrol giant Chevron to 2037 with three five-year options to 2052. Chevron makes up 73% of income from the property, which has an 11.67-year weighted average lease expiry and brings $478,000 plus GST.
Another petrol station, a 7-Eleven in northern Brisbane’s Bald Hills, also sold before going to auction. 7-Eleven has a 15-year net lease to 2034 with options to 2054, and returning $347,735 per year plus GST.
The day’s tightest yield was of a Townsville BWS, which sold for $1.23 million on a 4.41% return. The entry-level investment has a renewed five-year lease to Australia’s largest hotelier and liquor retailer, Endeavour Group, to 2028, with five further options running to 2023.
Also selling was an inner Brisbane Night Owl convenience store for $1.75 million, on a 5.19% yield, while a Nerang physio property sold for $1.716 million, at 5.2%.
Commercial property investors bought $28.341 million worth of takeaway food outlets, childcare centres and pharmacies at the Melbourne edition of the auction on Wednesday, which saw a 75% clearance rate and blended yield of 5.58%.
