14
Sep

Stawell servo sells mid-construction

A Stawell service station and truck stop – which is still under construction – has sold for $8 million.

The deal was sealed prior to the start of a public marketing campaign; the sale price reflects a 5.6 per cent yield.

On 1.138 hectares at 1-7 Horsham Road, the 314 square metre investment is predominantly leased to United, which is paying annual rent of $450,000 on a lease expiring in 2036.

A retail component will be occupied by Pie Face.

Stonebridge Property Group’s Rorey James, Julian White, Kevin Tong and Justin Dowers were the agents.

“The property was sold 10 days prior to the commencement of the public marketing campaign, after a strong offer was put forward and the vendor opted to take ‘the bird in the hand’,” Mr James said (story continues below).

“Given the regional location and the fact that property was still under construction at the time sale, the result speaks volumes of the pent-up demand for secure and long term cashflow opportunities,” he added.

“Regional Victoria continues to go from strength to strength, with the sale of Stawell Service Centre yet another example of this,” according to the executive.

Other regional investment sales managed by the agency, he added, include Coles backed supermarkets at Swan Hill (which traded for $20.075m) and a Woolworths, at Torquay ($25.1m).

The Ballarat Lifestyle Centre collected $12.4m late last year while Sale’s Spotlight Plaza exchanged for $4.55m in July.

Extracted from Real Estate Source