Perth

New metropolitan United Petroleum investment up for grabs

A brand new Perth petrol station and convenience retail investment anchored by a long lease to United Petroleum is for sale.

19 Jun 2019

A brand new Perth petrol station and convenience retail investment anchored by a long lease to United Petroleum is for sale. 

Located at Lot 101 Ranford Road, Southern River, the 3,982sqm property comprises a new 24-hour United Petroleum service station with adjoining Pie Face retail outlet. 

The property, situated on a main lead corner, is anchored by a 15-year lease term to United Petroleum (with a 15-year renewal option). The commencing net rental is $310,000 per annum (plus outgoings, with fixed 3% annual increases). 

CBRE’s Michael Milne and Richard Cash have been appointed to sell the leased investment via Public Offers to Purchase. 

The property also includes surplus land area of approximately 1,500sqm, which has development approval for an additional 380sqm retail or medical. 
 
Mr Milne anticipates strong interest in the property on the back of recent interest rate cuts. 

“We are experiencing increased investor appetite for assets with strong secure income, with the backing of a long lease to a national company,” Mr Milne said.

Mr Cash said the surplus development component provided opportunity for a versatile range of uses and could be developed to tailor occupier needs. 

“A development approval has been obtained for 380sqm, however this footprint could potentially be increased to 500sqm or greater, dependent on the use requirements,” Mr Cash said.

Public Offers to Purchase close July 10.For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.

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Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.