Developer reaps $13m from servo, pet shop
Landmark Homes & Properties has sold a two year old retail investment in Adelaide’s south.
The BP and Petstock on 5291 square metres at 621 Goodwood Street, Panorama, collected $12.85 million – a sub six per cent net passing yield.
The property failed to sell after a campaign in late 2023; at the time, annual income was $755,528 and the weighted average lease expiry was 11 years.
Ray White Commercial’s Jack Dyson, Harry Einarson and Oliver Totani ended up getting a deal over the line this year.
Also today we are reporting Leyton Property sold a service-station based retail investment, in Perth, for $8.75m.
621 Goodwood Street
Mobil X is on an initial lease for its 650 sqm space and car wash at 621 Goodwood St, expiring in 2038.
With options, it can stay 20 years more.
Meanwhile, Woolworths controlled Petstock is committed to its 1085 sqm building until 2030 with two seven year options.
Panorama is about nine kilometres from town.
The deal comes a week since we reported an investor outlaid $11.8m – a 6.2pc return – for a near new service station investment in Melbourne’s Clayton South.
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