The Caltex Cornubia service station and convenience store has been sold under the hammer for $5,100,000 after a highly competitive sales campaign.
CBRE’s Michael Hedger, Joe Tynan and Mike Walsh managed the sale, which reflects a tight yield of 5.41%.
A local family snapped up the property, which was offered on behalf of a small Brisbane syndicate.
“We received significant interest, with over 100 initial enquiries and six registered bidders on the day,” Mr Hedger said.
“The sale provided an opportunity to acquire a dominant service station investment within a high growth residential precinct along the Brisbane to Gold Coast Corridor.”
The 248-258 Beenleigh-Redland Bay Road asset is situated approximately 30km south-east of the Brisbane CBD and 45km north-west of Surfers Paradise in the Logan City area
The freestanding, purpose built service station occupies a prominent corner site with a total area of 6,031sqm. This includes 2,921sqm of future development land, offering an opportunity to further improve the site and enhance the convenience offering subject to the relevant planning approvals.
Mr Tynan said the future development potential had been one of the draw cards for buyers, as was the lease to Woolworths Limited, a market leading fuel retailer with in excess of 1,800 petrol stations nationally.
The property’s high profile location, servicing surrounding suburbs such as Mount Cotton, Loganholme, Tanah Merah, Shailer Park and parts of Daisy Hill, had also underpinned the buyer interest.
“The site is strategically located at the heart of a rapidly growing residential catchment with direct access to major arterial roads and exposure to over 10 million cars annually,” Mr Tynan said.
“The population in the Main Trade Area is forecast to grow to almost 29,150 over the next decade while retail expenditure is expected to reach over $550 million, reflecting an annual increase of 4.3%.”
Caltex Cornubia is equipped with four pump islands servicing up to 18 vehicles at any one time across eight lanes.
This is serviced by a retail floor, with the property also offering a back of house office area, amenities, cold room and loading/storage.
Mr Hedger noted that retail spending had enjoyed 20 consecutive quarters of growth, with fuel and food being a major contributor – supporting the sustainability and growth in income from this style of retail investment.
CBRE’s Michael Hedger, Joe Tynan and Mike Walsh managed the sale, which reflects a tight yield of 5.41%.
A local family snapped up the property, which was offered on behalf of a small Brisbane syndicate.
“We received significant interest, with over 100 initial enquiries and six registered bidders on the day,” Mr Hedger said.
“The sale provided an opportunity to acquire a dominant service station investment within a high growth residential precinct along the Brisbane to Gold Coast Corridor.”
The 248-258 Beenleigh-Redland Bay Road asset is situated approximately 30km south-east of the Brisbane CBD and 45km north-west of Surfers Paradise in the Logan City area
The freestanding, purpose built service station occupies a prominent corner site with a total area of 6,031sqm. This includes 2,921sqm of future development land, offering an opportunity to further improve the site and enhance the convenience offering subject to the relevant planning approvals.
Mr Tynan said the future development potential had been one of the draw cards for buyers, as was the lease to Woolworths Limited, a market leading fuel retailer with in excess of 1,800 petrol stations nationally.
The property’s high profile location, servicing surrounding suburbs such as Mount Cotton, Loganholme, Tanah Merah, Shailer Park and parts of Daisy Hill, had also underpinned the buyer interest.
“The site is strategically located at the heart of a rapidly growing residential catchment with direct access to major arterial roads and exposure to over 10 million cars annually,” Mr Tynan said.
“The population in the Main Trade Area is forecast to grow to almost 29,150 over the next decade while retail expenditure is expected to reach over $550 million, reflecting an annual increase of 4.3%.”
Caltex Cornubia is equipped with four pump islands servicing up to 18 vehicles at any one time across eight lanes.
This is serviced by a retail floor, with the property also offering a back of house office area, amenities, cold room and loading/storage.
Mr Hedger noted that retail spending had enjoyed 20 consecutive quarters of growth, with fuel and food being a major contributor – supporting the sustainability and growth in income from this style of retail investment.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
