A near new convenience retail investment on Victoria’s Surf Coast sold for $8.355 million at auction today – a 4.89 per cent net yield.
The Torquay complex contains a Shell service station and mycar Tyre and Auto (this brand was known as Kmart Tyre and Auto before being acquired by AG in 2018)
With options, these businesses can stay until 2049.
The property also includes a small tenancy leased for seven years to a hospitality business.
All up there’s 734 square metres of lettable area.
The incoming owner can claim depreciation deductions/tax savings (story continues below).
The 4001 square metre site at 20 Winki Way, on the north west corner of the Surf Coast Highway, is passed by 19,200 cars a day, according to the marketing agents, Burgess Rawson’s Raoul Holderhead, Matthew Wright and Jamie Perlinger with CRS’ Lou Montalti.
Last April Melbourne’s Mernda Convenience Centre – with a Hungry Jack’s and Caltex – traded for $13.1m reflecting a 3.6pc return.
Four months ago an investor spent $10m on a near new Perth investment with a bp, Bridgestone Tyre Select and Wild Bean Café.
That price represents a 7.5pc return.