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