Amplify Funds Management, a funds manager based in Brisbane and Townsville, has acquired six regional Queensland Caltex sites for $25.74 million.
The portfolio includes five Caltex-branded sites in Atherton, Banana, Bohle, Nambour, and Portsmith, and one Puma-branded site in Gin Gin which Chevron plans to rebadge to Caltex in 2025.
The sites are leased with a 9.6-year weighted average lease expiry (WALE) and are all high-volume sites in strong highway locations, industrial refuelling sites, or in strong rural economies.
Peter Rossi, Chief Investment Officer of Amplify, said these assets satisfy their philosophy of aiming to provide its investors with the best opportunity of capital preservation, secure and predictable incomes from world-class tenants, and capital growth.
“We have been well supported by investors from regional Queensland who understand the inelasticity of fuel demands in country areas, far from urban EV influenced fuel economies.”
The sites make up a portfolio of seven convenience and fuel centres across regional Queensland called the Fuel and Convenience Trust. The trust forecast to offer 8.5 per cent average yield per annum over its life and a 12.25 per cent total forecast return.
The deal was brokered by Cushman & Wakefield’s Daniel Cullinane and Daniel Wolman.
Wolman, International Director and Co-Head Investment Sales, Victoria at Cushman & Wakefield, said that Amplify Funds Management has capitalised on a rare opportunity to secure long-term income stability through high volume, essential service assets in strong regional locations.
“This acquisition reflects the continued strength and resilience of the portfolio-style fuel and convenience sector. We are seeing this trend occur towards the back end of the year as the market anticipates favourable economic conditions with potential interest rate cuts on the horizon.”
Cullinane, Head of National Investment Sales at Cushman & Wakefield, said demand for convenience retail assets remains robust due to their classification as essential services, which ensures stable, secure income streams for investors.
“Queensland’s investment landscape is particularly appealing, bolstered by recent government initiatives and global attention as we look ahead to the 2032 Olympics. This sale highlights Queensland’s emergence as an investment destination of choice.”
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