Dug Pomeroy and Nigel Hunt sell Cranbourne West service station

Nigel Hunt’s McLaren Developments, with Pomeroy Pacific, directed by Dug Pomeroy, have sold a service station in Melbourne’s outer south-east, for $4.9 million.

Leased to United Petroleum, the asset, 1050 Thompsons Road, Cranbourne West, forms part of the Thompsons Gateway complex which the consortium is building, about 40 kilometres from the CBD.

Spreading over 1.3 hectares, Thompsons Gateway is also set to contain 31 commercial and retail properties, a childcare centre and a gym.

Jones Real Estate director Paul Jones and colleague, senior executive, Tim Spargo sold 1050 Thompsons Road to a local private investor.

The 2973 square metre holding was offered with a 15-year lease, with United Petroleum then having an option to renew until 2049.

The asset at 508-520 Wellington Road, Mulgrave, which Pomeroy Pacific recently acquired for $30.5 million – almost twice the $15.5 million the vendors paid 18 months earlier.

Based on the rent the petrol company currently pays ($290,000 plus GST and outgoings), the asset is trading on a passing yield of 5.92 per cent.

“Our office has concluded $12 million worth of petrol station sales in the past 30 days,” Mr Jones said, adding “there is significant demand from buyers for this type of asset – given the highly exposed main road locations combined with attractive long term leases to blue chip companies”.

The diversified McLaren Developments is also behind an apartment complex with 39 dwellings called Royal Ascot at 2 Mascoma Street, Ascot Vale.

Last September, Pomeroy Pacific paid $30.5 million for a 4.1 hectare development site at 508-520 Wellington Road, Mulgrave – almost twice the $15.5 million price the vendor paid 18 months earlier.

Early last year Pomeroy Pacific teamed with Little Projects to buy a 28-hectare industrial site in Cranbourne West.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.