Dexus fund purchases two more Brisbane servos
Dexus has swooped on two modern petrol stations north and south of Brisbane.
At Chandler, the group is spending $11.7 million for a Puma backed asset at 3201 Cleveland Road (pictured, top).
Developed in 2019, the property includes three specialty retail tenancies; the Weighted Average Lease Expiry is 13.2 years.
The price reflects a 5.7 per cent yield.
CBRE’s Darren Collins was the agent.
Meanwhile at Brendale, a predominantly industrial suburb 17 kilometres north west of the CBD, Dexus is paying $9.1m for 187 South Pine Rd.
Completed this year, and occupied by BP and its food subsidiary Wild Bean, its WALE is 12.2 years.
The deal is being struck on a 5.2pc return (story continues below).
Dexus will hold the assets in the Convenience Retail REIT (DXF) – until recently known as APN Convenience Retail REIT.
The fund has been an active buyer of this product this year, recently outlaying $16m for the Warrego Highway Travel Centre at Riverview, in south west Brisbane.
Also last quarter, it snapped up assets at Kingston, south of Chandler, and Gordonvale, near Cairns.
It acquired another six Queensland service stations in May.
DXF fund manager Chris Brockett said following settlement of the two new properties, its portfolio will hold 113 assets worth $783m with a Weighted Average Lease Expiry of 11.6 years.
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