Retail convenience asset changes hands for $11 million in a pre-market transaction

A high-net-worth private investor has acquired South East Queensland’s prominent Deagon Travel Centre for $11 million.

The pre-market sale of the Deagon retail convenience asset was brokered by CBRE’s Harrison Coburn on behalf of Firefly Property.

The sale price reflects an initial yield of 6.23%.

CBRE was exclusively appointed to market the property in April but introduced the buyer prior to the campaign commencing.

Located 16km north of the Brisbane CBD, Deagon Travel Centre is secured by Hungry Jacks, Pearl Energy Service Station and a car wash facility, representing a long 7.1-year WALE (by income).

Positioned on a prominent 5,555sqm site, the property benefits from significant exposure to Depot Road, and easy access to major arterials the Gateway Motorway and Sandgate Road. The site services an extensive retail catchment of 119,000 people along with additional traffic from major surrounding highways.

CBRE’s Mr Coburn said, “Through our extensive experience selling convenience retail assets and speaking with the most active buyers in the market, we were able to successfully introduce the buyer to Deagon Travel Centre and secure the property before we launched the campaign.”

Mr Coburn noted that the asset had a highly sought-after investment profile, offering a diversified and easily managed income stream, and had been designed and developed to provide the ultimate level of convenience retailing.

“This sale highlights the strength of the quick-service restaurant sector and the continued appetite for high-quality, long-leased assets. The combination of national tenants, a high-profile strategic location, and a highly desirable net lease structure made this an exceptional investment opportunity,” Mr Coburn added.