Demand in the service station market remains strong following the sale of Puma Energy Loganlea Travel Centre in south east Queensland for $6.075 million.
More than 40 enquiries were received throughout the four-week campaign, with the transaction completed with a local private investor.
JLL’s Blake Goddard, Sam Hatcher and Sam Byrne were behind the sale, one which reflected an initial yield of 7.05 per cent and a strong result for vendors, Gold Coast based The Ray Group.
Blake Goddard, JLL metro sales and investments executive, said: “The strong interest both nationally and locally reflects the continued demand for this asset class, one which continues to appeal to private investors specifically.”
The site featured Puma Energy, Puma Car Wash, Sunshine Kebabs and Zarraffas Coffee.
Sam Byrne, JLL metro sales and investments senior executive, said: “With multiple national tenants, the centre offers strong long term income security and growth with a weighted average lease expiry (WALE) of 8 years. It was an excellent property offered for sale to a highly responsive and deep market.”
The site, located at 34 Station Road, is around 5196sqm improved with a service centre that was constructed in 2012. The centre also features the latest in fuel technology and brand new retail facilities.
“The newly constructed nature of the asset gained particular interest amongst the market with depreciation benefits, new fuel technology and minimal capital expenditure requirements, allowing investors to ‘sharpen their pencil on yield’,” said Mr Byrne.
