Brisbane servo fetches $8.6m
Waypoint REIT, formerly Viva Energy REIT, has banked $8.556 million for a prominent service station south of Brisbane.
The deal for the Shell at 338 Ipswich Road, Annerley, with a local private investor, reflects a 7.25 per cent yield.
The Viva brand is on a lease expiring 2031 but with options (four, each for five years), can stay until 2031.
As part of its tenancy agreement, it pays rent annually in advance.
Reviews are linked to CPI.
Viva also picks up rates, public liability insurance and single holding land tax.
Annerley is five kilometres from town.
Vicinity’s $750m Buranda Village is also about 350m away.
Under-utilised site
On 2464 square metres, with 41 metres of street frontage, the service station is the first seen by commuters taking the Clem Jones Tunnel between Brisbane’s northern and southern suburbs.
About 350,000 vehicles pass a week, according to selling agents Jamie Perlinger and Tom Lawrence from Burgess Rawson, which is in the process of being bought by CBRE.
About 110 sqm is vacant, able to accommodate one or two businesses, they said.
The catchment – 98,000 residents within three kilometres – is affluent, they added, with the suburb carrying a median house price of c$1.3m, a rise of 30pc in two years.
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