A brand-new Holden Hill petrol station has sold to a Victorian based private investor for $4.45 million at CBRE’s fourth Premium Property Portfolio Auction in Melbourne.
Caltex Holden Hill was secured at a yield of 5.96%, based on the passing net income, following a competitive auction held on March 22, 2018.
The 2,194sqm property is underpinned by a 10-year initial lease term to Caltex Australia Petroleum Pty Ltd, with five five-year options, offering the prospective buyer a passing net rental income of $270,300.
CBRE’s South Australian and Victorian Retail Investments teams comprising Mitch Curnow, Harry Einarson and Joseph Du Rieu, negotiated the sale on the behalf of local developer Accord Property.
Mr Curnow said the strong result was indicative of the attractiveness of the South Australian market to interstate purchasers.
“We are continuing to see the yield gap between South Australia and the eastern states provide significant allure for interstate investors,” Mr Curnow said.
“There were in excess of 100 people in attendance on auction day with seven bidders registered to bid for Caltex Holden Hill. After fierce competition and a total of 15 bids the lucky purchaser was successful in securing the property.”
The property was completed in June 2017 and is one of the first fuel investments in Australia branded as ‘The Foodary’, incorporating national sub-tenant Boost Juice.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.