07
Oct

Queensland investor snaps up inner-city service station

A Queensland investor has swooped on a Toowoomba service station for more than $5 million, following a national campaign.

The Bundaberg buyer paid $5.07 million for the Puma servo on the intersection of Anzac Ave and Stephen St in Harristown, after the property drew more than 60 inquiries across Australia.

Burgess Rawson lead agent Doug Doyle said the asset’s location and strong tenancy were key factors in the sale.

“The security of that tenant (was important) – Puma is changing hands to Chevron, so now that lease is backed by the Chevron entity,” he said.

“It was a 15-year lease through to 2032, so it had 13 years remaining when we sold it – it (also) has four five-year options until 2052.

“It has fixed three per cent increases annually, with the tenant paying all outgoings.”

This is the third Toowoomba service station Burgess Rawson has sold since August, after 7-Elevens at Rangeville and Westbrook moving for a combined $12.82 million.

Extracted from The Chronicle