Three Woolworths petrol stations in Queensland will be on the block as the supermarket giant continues its non-core asset divestment campaign.

The sites at 52 Boat Harbour Drive, Eli Waters; 92-94 River Rd, Gympie South; and 1399 Anzac Ave, Kallangur, will be put on the block on May 13 with seven Woolworths NSW assets.

Woolworths director of property, Ralph Kemmler, said the sites will be offered, through a JLL marketing campaign, to investors on a leaseback basis.

“Consistent with Woolworths’ strategic priority to act on our portfolio to maximise shareholder value, our preference is to enter long term leases for our retail premises rather than holding property assets,” he said.

JLL director in charge of the campaign, John Macree said petrol sites were highly sought-after assets, providing cash flow with annual rent increases, secured by long term leases to Woolworths Petrol.

“We expect investors will take advantage of current low interest-rate market conditions in what is likely to be an extremely active sales process,” he said.

Woolworths has divested over $2.8 billion of property assets since 1 July 2010, including the creation of the Shopping Centres Australasia Property Group in December 2012 and the sale of 54 freehold properties by ALH Group in September, 2014.

Extracted in full from the Courier Mail.