The Shahin family has secured a $25 million windfall after selling three OTR petrol station sites in Adelaide.
Following the $1.2 billion sale of the OTR business in 2024, the family’s Peregrine Corporation retained ownership of the land and later listed three sites with long-term leases to Viva Energy. The Darlington and Marryatville sites sold at auction for $6.015 million and $4.83 million, while the West Croydon site fetched $13.8 million, bringing total proceeds to $24.645 million.
Peregrine CFO Michael Dodd stated the sale aligns with the company’s reinvestment strategy, highlighting South Australia’s strong commercial property market and the positive impact of stamp duty removal.
The sales, managed by Burgess Rawson’s Jamie Perlinger and Raoul Holderhead, exceeded expectations of $23 million. The properties generate nearly $1.4 million in annual rental income and attracted over 320 enquiries, with nine offers on the West Croydon site alone.
Each site was sold with a long-term lease to Viva Energy, with renewal options exceeding 50 years, offering more security than typical service station properties. Perlinger noted strong investor demand, citing the 5.5 per cent average yield as a testament to the market’s competitiveness.
Peregrine retains ownership of most of its 170 OTR locations across SA, WA, Victoria, and NSW. The Shahin family, known for rarely selling assets, continues to hold an extensive portfolio, including luxury residences, office towers, vineyards, and The Bend motorsport park at Tailem Bend.
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