Amplify Funds Management, led by the founders of the Townsville-based Honeycombes Property Group, has marked its entry into the service station sector with the acquisition of six regional Queensland assets for $25.74 million. This move represents the company’s first foray into this market, positioning it as a notable player in the region.
The portfolio spans high-visibility locations across Queensland, including five Caltex-branded properties in Atherton, Banana, Nambour, suburban Townsville, and Cairns. Additionally, it includes a Puma-branded site in Gin Gin, which will transition to the Caltex brand next year under plans by Chevron Corporation, the parent company of Caltex.
Established last year, Amplify Funds Management is headquartered in Brisbane with offices in Townsville. The company’s mission is to focus on commercial property investments, offering wholesale investors the chance to co-invest in premium property trusts that deliver reliable income and measurable capital growth.
The company’s inaugural investment, the Townsville Central Business Park Trust, includes the newly developed Telstra North Queensland Hub, a project by Honeycombes Property Group. The trust reflects Amplify’s commitment to high-quality property assets that align with its investment principles.
Amplify is spearheaded by Peter Honeycombe as Managing Director and Andrew Dowling as CEO, mirroring their roles at Honeycombes Property Group. Their approach has attracted significant interest from investors, particularly from regional Queensland, who appreciate the enduring demand for fuel in rural areas, less affected by the rise of electric vehicles in urban centres.
The recently acquired service station assets, housed under Amplify’s new Fuel and Convenience Trust, are positioned in both regional and metropolitan areas, boasting strong tenancy agreements. The trust, open exclusively to wholesale and sophisticated investors, is forecast to deliver an 8% annual return in its first year, climbing to 10% by year eight.
Peter Rossi, Amplify’s Chief Investment Officer, highlights the trust’s alignment with the company’s strategy of providing stable income, capital preservation, and growth opportunities. “These assets represent a solid investment in essential services, supported by world-class tenants and strategically chosen locations,” Rossi explains.
The properties benefit from Chevron Australia Products as the sole tenant, with a weighted average lease expiry of 9.6 years and annual rent increases of 3%. Chevron also holds four additional 10-year lease extension options, ensuring long-term income security for investors.
The acquisition, brokered by Cushman & Wakefield’s Daniel Cullinane and Daniel Wolman, highlights the ongoing strength of the fuel and convenience retail sector. Wolman, Cushman & Wakefield’s International Director and Co-Head of Investment Sales in Victoria, remarks, “This purchase underscores the resilience of essential service assets, particularly as the market anticipates economic conditions improving with potential interest rate cuts.”
Cullinane, the firm’s Head of National Investment Sales, also notes the increasing appeal of Queensland’s investment environment, bolstered by recent government initiatives and the state’s preparations for the 2032 Olympics. “This sale demonstrates why Queensland continues to emerge as a preferred destination for investors,” he says.
With this acquisition, Amplify Funds Management has positioned itself as a significant contender in the property investment sector, blending stability and growth potential with a clear focus on delivering value to its investors.
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