This article is from the Australian Property Journal archive
EIGHT Woolworths service stations across New South Wales, Victoria and Queensland have been sold by Burgess Rawson for a total of $11,925,000.
Burgess Rawson director Raoul Holderhead said the portfolio attracted more than 600 inquiries and private investors bought seven service stations at auction and the eight property sold three days later.
“The certainty of 15-year leases with five year options to Woolworths was central to the appeal of these properties at a time when investors such as self managed superannuation funds are looking for security,” Holderhead said.
“Also, the yields are particularly good in light of recent drops in interest rates,” director Darren Beehag said.
The most expensive service station sold was at Balwyn in Melbourne’s eastern suburbs for $2,155,000 on a 5.49% yield, followed by a property at Torquay in Victoria’s surf coast for $1,820,000 on a yield of 6.51%.
In NSW Burgess Rawson sold three services stations, at Tweed Heads for $1,815,000 on a yield of 6.40%; Windsor for $1,505,000 on a 6.51% yield; and Ulladulla for $1,240,000 on a yield of 5.69%.
The Ulladulla offering included 1,110 sqm of additional land with a separate frontage to a second street. Holderhead said the buyer was free to develop for other purposes.
In Queensland, three service stations were sold, at Roma for $1,325,000 on a yield 6.56%; Childers for $1,100,000 on 6.73% yield and Millbank in Bundaberg, which sold three days after auction for $965,000.
Property Review
