Part vacant service centre fetches $9.7m
The Oasis Service Centre in Brisbane’s Slacks Creek has sold for the second time in two years.
On 6004 square metres, the BP and Zarraffa Coffee anchored complex at 3765 Pacific Highway collected $9.65 million.
Containing 1207 sqm with six more tenancies – four of them vacant – and with a weighted average lease expiry of three years, the result reflects a 6.13 per cent passing yield.
Based on the estimated fully let net annual – $1.06m – that result rises to 10.98pc.
Colliers’ Hunter Higgins and Steven King represented Gold Coast based Azzura Oil which paid $9.3m in December 2022, settling three months later.
An expressions of interest campaign closed February 26.
Rental, development upside
Passed by some 230,000 vehicles a day, the Slacks Creek investment came permit-ready for car wash with one drive-through bay and two manual cleaning areas. The BP tenancy was recently upgraded too.
The site – 24 kilometres south of Brisbane’s CBD, adjacent to the north-bound 26th exit of the Pacific Motorway, connecting the city to the Gold Coast, is also configured with 52 car parks.
Forming part of the Logan growth corridor, the catchment includes 377,000 residents, the agents said – a 4.05pc rise, above the (3.01pc) south east Queensland forecast.
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