Caltex Winchelsea sells for $6.6 million
A developer has offloaded a Caltex service station about 37 kilometres south-west of Geelong.
The newly completed Winchelsea outlet is trading for $6.6 million.
The only service station in the precinct – 2931-2935 Princes Highway is also known as the Caltex Foodary.
It occupies a 9600 square metre site about 100 metres from intersection with Anderson Street.
The property was offered with a new 15-year lease agreement with Caltex Australia Pty Ltd paying current annual rent of $395,000 with fixed increases.
Any incoming owner will benefit from depreciation benefits, CBRE’s Joseph Du Rieu, Kevin Tong and Mark Wizel .
The brokers sold the asset the day before a scheduled auction.
Last November, we reported that Caltex sold two Melbourne service stations with a leaseback:
- 940 Stud Road, Scoresby, for $4.126 million on a 4.2 per cent yield; and
- 160 Military Road, Avondale Heights, for $3.65 million – a 5.1 per cent yield.
