A brand-new South Australian Caltex petrol station is to be sold via CBRE’s fourth Premium Property Portfolio Auction on March 22, 2018.
Caltex Holden Hill at 596-600 North East Road was completed in June 2017 and has a total site area of 2,194sqm. It is one of the first fuel investments in Australia branded as ‘The Foodary’, incorporating national sub-tenant Boost Juice.
The 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, have been appointed to market the property on behalf of the vendor.
Mr Curnow said it was a stellar opportunity for investors to acquire a property with strong depreciation benefits and secure rental income.
“We’re thrilled to offer Caltex Holden Hill in the fourth PPPA. Being the first South Australian fuel investment offered via this platform, and the property’s access to some of the market’s most aggressive buyers, we expect to achieve an outstanding result for our vendor,” Mr Curnow said.
“There is a strong appeal in the market for retail assets with underlying investment fundamentals, national tenants and strong lease covenants, which this service station offers. It is superbly positioned, receiving exposure to more than 40,000 vehicles per day and is surrounded by automotive tenants including Supercheap Auto and Autobarn, so buyers can be assured this is a secure investment opportunity.”
Caltex Holden Hill is for sale by way of Public Auction at the CBRE Premium Property Portfolio Auction on Thursday March 22, 2018 at 11am.
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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 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.
