On Wednesday, CB Richard Ellis sold a large, 7000-square-metre service station on the corner of Moorooduc Highway and Cranbourne Road in Frankston for $4.41 million on a yield of about 4.6 per cent.
The property, leased to Mobil Oil Australia at a rental of about $201,000 a year, abuts an established bulky goods centre, and a yet to be built 45,000 sq m homemaker centre to be anchored by Harvey Norman, Spotlight and Anaconda.
Selling agent Scott Orchard said the property offered the new owner future development potential with the bonus of a secure income stream from a blue-chip tenant.
Elsewhere in Melbourne, a service station leased to Woolworths in Seaford is believed to have sold for about $3.4 million.
Another in Altona Meadows is believed to have sold for about $4.2 million, while another in Wantirna South, leased to Shell, is believed to have sold for about $4.5 million.
Gross Waddell negotiated the three deals. A representative was unavailable for comment when contacted by Capital Gain.