North Melbourne service station fetches $6.43 million from investor

An investor has paid $6.43 million for a service station on Melbourne’s northern city fringe – bringing the value of petrol stations sold in the city this month to $14.2 million.

The asset at 147-157 Arden Street, on the south-east corner of Dryburgh Street, in North Melbourne, was offered with a new 10-year lease to Woolworths, which is currently paying annual rent of $330,000.

On that basis, the property is exchanging on a passing yield of 5.1 per cent.

The high profile 906 square metre site is surrounded by commercial buildings and offers longer term redevelopment potential. It is zoned Mixed Use.

Vinci Carbone’s Joseph Carbone and Frank Vinci brokered the deal for a private family.

Earlier this month we reported that Caltex Australia offloaded two suburban Melbourne service stations: 940 Stud Road in Rowville traded for $4.2 million, while 160 Military Road, Avondale Heights, achieved a price of $3.65 million.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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