Shahin family monetises another OTR asset
Three major convenience retail investments have changed hands in recent weeks for a combined $25.9 million.
In the priciest deal, the Shahin family’s Peregrine Corporation has sold an OTR/Viva Energy-backed service station at 306 Wianamatta Parkway, Ropes Crossing, in Sydney’s outer west (pictured, top).
The new asset, including a car wash and permitted to trade 24-hours, collected $12.06 million – a 5.7 per cent net passing yield.
The initial lease expires in 2041.
With options, OTR can stay until 2076.
CBRE’s Rick Jacobson, Raoul Holderhead, Sam Mercuri and Yosh Mendis were the agents.
The Shahin family sold the OTR operating business to Viva Energy for $1.15 billion in 2024, rising to about $1.22b after completion adjustments, but retained much of the underlying freehold property portfolio, from which it continues to selectively divest assets
Also today, realestatesource.com.au is reporting the family’s acquisition of Jumbuck’s 1.29 million hectare North West Pastoral Aggregation from the MacLachlan family.
Inner-city Adelaide servo
Meanwhile a BP at 80-94 Goodwood Road, Goodwood, opposite Royal Adelaide Showgrounds, has sold for $7.175m.
The three-year-old complex occupies 2630 sqm at the south-west corner of Leader Street (continues below).
The off-market result reflects a 5.17pc yield.
CBRE’s Rhyce Scott was the agent.
Goodwood is about two kilometres south-west of Adelaide’s CBD.
Corner Melbourne asset fetches $6.9m
In Melbourne’s Doreen, a United Petroleum-backed asset, also with a noodle bar and chicken shop, traded for $6.9m.
The relatively high yield – 6.7pc – reflects the short weighted average lease expiry of 1.73 years.
The 2820 sqm holding, 950 Bridge Inn Road on the south-west corner of Yan Yean Road, is zoned Mixed Use.
JLL’s Romanor Falconer and Dominic McGrath were the agents.
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