MAB’s West Gate servo in Melbourne on the market through Savills
MAB Corporation has listed a service station and convenience store complex with top brands as tenants, close to the Melbourne CBD, with price expectations in the mid-$20 millions.
The West Gate Express property will be sold through expressions of interest closing July 14, subject to leases to Viva Energy Australia (Shell/Coles Express), Hungry Jack’s and Red Rooster on 15-year terms.
The total net income from the freeway style fuel/food complex is around $1.41 million.
The listing agents are Savills’ Chris Jones, Clinton Baxter and Ben Hegerty, with Dawkins Occhiuto’s, Andrew Dawkins and Walter Occhiuto.
Jones said it was difficult to put a price on the property given the fact that it could not be replicated and that there had been no sales of comparable investments.
Developed by MAB, the new complex comprises nearly 700 square metres of buildings and 1,200 square metres of canopy on a 10,000 square metre site. Frontages to the West Gate Freeway and Cook Street provide exposure to more than 180,000 vehicles per day.
"This is an exceptional opportunity on one of Australia’s busiest roads with an extraordinarily secure lease profile to several high profile national and international tenants and very strong underlying land value," said Jones.
Baxter said the property also offered substantial depreciation benefits, low projected capital expenditure, and a tenancy diversity which minimised risk profile.
