A 4771 square metre service station and adjoining a car wash in Mitcham Road Donvale sold for $5.6 million. The property is leased to Mobil Oil Australia and Car Wash Express for two more years, and sold on a yield of 7 per cent.
The site has a 73 metre frontage to Mitcham Road and is near the Springvale Road entrance to Eastlink, which is due to open later this year. The sale was negotiated by GormanKelly.
In Rowville, a local private investor has paid $3.54 million for a service station and convenience store in Rowville. The 3,752 square metre property is adjacent to the Stamford Hotel, and is also close to an Eastlink freeway exit on Stud Road.
The property is leased to Woolworths Limited until 2016 with two five year options. Colliers International manager – commercial and investment sales Peter Bremner, who marketed the property, said it sold on a yield of 7.25 per cent.
Both agents said the properties attracted strong interest from private investors.