Top regional servo sells to investor for $5.75m
SOLD: The BP service station in Kilcoy, in the Somerset region, has sold through LJ Hooker for a whopping $5.75 million to a Queensland investor.
The main service station in a town in the Somerset region has sold for $5.7 million, in another sign of investors’ interest in major commercial properties.
The BP truck stop at Kilcoy (below), about 130km northeast of Toowoomba, sold to a Queensland investor through LJ Hooker Toowoomba, with a seven-year lease attached that runs until 2024.
Agent Daniel Cullinane said the site generated more than $470,000 of passing income annually.
“The site was developed by Evans Long in 2017 and the job they did was genuinely first class,” he said.
“The site offers refuelling amenity for cars, trucks and boats, has Kilcoy’s only newsagency and Golden Casket facility and is Kilcoy’s leading takeaway food offering.
“The site is not just a service station but a multifaceted fuel, food and shopping destination.”
Mr Cullinane said investors had shown a keen interest in service stations during a turbulent economic period.
A weak Aussie dollar has sent petrol prices soaring but there is a way you can still save big at the pump.
‘The level of capital that is seeking to be deployed in regional Queensland is simply unbelievable at present,” he said.
“We are seeing first-hand the number of investors choosing to come to the regions in pursuit of yields that surpass the CBD and metro markets.
“On the back of a solid year in both the agricultural and mining markets, the regions are well-placed to continue to represent excellent value in the market due to their ability to remain economically resilient no matter of what is happening in the cities.”
Extracted from The Chronicle