Canberra convenience centre fetches $18m

The Kambah asset returns annual net income of $995,651.

A Canberra essential services investment – with a petrol station, childcare centre, gym, Hungry Jack’s restaurant and showroom attached to a warehouse – has sold for $18.1 million.

The price for Jenke Park at 60 Jenke Circuit, Kambah, reflects a 5.5 per cent yield.

Developed in 2018, the asset still offers depreciation-based tax savings.

With 2461 square metres of lettable area across two buildings, the Weighted Average Lease Expiry is 11.4 years.

The 6612 sqm site, also at the north west corner of Athllon and Drakewood drives, contains 40 car parks.

JLL’s Dylan McEvoy and Gordon McFadyen were the agents.

The deal comes a week since the same brokers sold an Edmonston Park service station for c$23m, and another, at Kelso, near Bathurst, for $6.55m.

Like Kambah, these sold to high net worth private investors (story continues below).

“The lure of these sites come from their income security and resilience to economic downturns, and the market is reacting accordingly,” Mr McFadyen said.

“The current low interest rate environment combined with low supply is driving investor demand and in turn yield compression,” according to the executive.

“Roadside retail assets attract investors with their national tenants, lease structure, secure guarantees and typically fixed income growth,” Mr McEvoy added.

“These assets are often located in high profile/exposure positions which lend the assets to long term redevelopment potential if tenants ever left,” he said.

Kambah is about 15 kilometres south west of Parliament House.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of