Petrol pumps tenanted by Chevron/Caltex, Viva Energy (Shell), EG Group, and 7-Eleven are coming to market, with the properties averaging 10.8 years WALE.
Fourteen prime convenience retail sites are being offered, with the portfolio including petrol bowers in Victoria, Queensland, and Western Australia.
All properties occupy strategic freehold sites considered ‘future proof’ due to their size and arterial road locations.
“The majority of the properties are large, corner arterial sites that will always be utilised for fuel convenience. Looking into the future of electric vehicles and hydrogen, these sites will become major ‘energy distribution hubs’,” said Burgess Rawson’s Jamie Perlinger.
Mr Perlinger also noted nine of the 14 petrol stations are tenanted by Chevron, with investors able to purchase one, a selection, or all fuel stations.
The properties include several Puma service stations that are to be given a tenant-funded rebranding as Caltex before the end of 2023.
“You’ll effectively have a brand-new looking Caltex service station, both internally and externally, within months of purchasing it,” Mr Perlinger said.
The portfolio includes a 4,286 square metre site at at Bayswater North in Melbourne, leased to EG Group until 2031 plus options to 2051, and with 26,000 cars passing its 47-metre frontage daily.
Also among the 14 is a 7-Eleven site at Dakabin, Queensland, with the property offering a 15-year lease to 2031 plus options to 2046.
In Perth, a soon-to-be-Caltex service station at Yanchep features an 18-year lease though to 2035 and will benefit from some of the most dramatic population growth in Australia, with the booming coastal suburb expected to swell by 293% by 2041.
Buyers of many of the properties will also enjoy favourable lease conditions, with tenants to pay most outgoings, including multiple holding land tax on a number of Puma/Caltex assets.
The fuel and convenience retail portfolio is being sold via expressions of interest, closing 4pm AEDT on Wednesday, November 9.
Burgess Rawson is marketing the portfolio.
Article source: thepropertytribune.com.au
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