Three service stations in regional Victoria up for grabs at CBRE auction
Staff reporterDecember 7, 2020
The fuel and convenience retailer Jasbe Petroleum will put three properties in regional Victoria to November 23 auction.
The are the BP service stations in Wollert and Cranbourne, as well as a brand new United service station on Cheltenham Road in Dandenong.
Both BP properties were developed and operated by Jasbe Petroleum, which operates 50 fuel sites nationally.
The United service station in Dandenong was developed by the country’s largest independent fuel retailer, United Petroleum, and offers investors an opportunity to secure a brand new property with 15-year triple net lease.
Jasbe Petroleum director, Miro Sloup, said the firm had taken a position to recycle some of the capital out of our company’s real estate investments with a view of reinvesting into the business and grow the convenience and fuel operations for our customers.
The opportunity to purchase the three service stations follows the recent $5 million sale of a freestanding 7-11 in the regional Victorian city of Ballarat (above picture).
Located at the corner of Hertford and Alfred streets in the Ballarat fringe suburb of Sebastopol, the 4,216 sqm property was purchased by a Melbourne-based farming family after outbidding 16 other groups.
The property is leased to 7-Eleven Stores Pty Ltd on a 15-year term with fixed annual increases of 3%. The transaction reflected a sharp yield of 5.33%.
CBRE suggest the sale highlighted an upturn in transaction activity in the service station investment market.
