Caltex Australia sells two Melbourne service stations for a total of $7.8 million

An aerial image of the Caltex Rowville service station (outlined).

ASX-listed petrol giant Caltex Australia has sold two Melbourne service stations for a total of $7.8 million.

In the biggest deal, a Rowville outlet at 940 Stud Road, about 27 kilometres south-east of the CBD, traded for $4.126 million.

The asset was offered with a new 15-year leaseback to Caltex Australia which agreed to pay starting rent of $173,000 per annum.

The 6000 square metre land holding accommodates a 770 square metre building beside 20 on-site car parks.

Caltex Australia also sold this Avondale Heights service station (outlined).

Caltex Australia will pay annual rent increases of three per cent for the term of the lease.

Meanwhile in Avondale Heights, about 12 kilometres north-west of the CBD, Caltex Australia has banked $3.65 million disposing of 160 Military Road.

At the corner of busy Milleara Road, this 1701 sqm site contains a 330 sqm building and 15 car parks.

It was also offered with a 15-year leaseback and fixed three per cent rent rises.

Based on the net annual rent of $185,000, this investment is trading on a yield of 5.1 per cent.

Cushman & Wakefield auctioned both properties on Friday, November 2.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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