Chris Herde, 19 February 2016

DEMAND continues to pump the service station market with the sale of a Puma Energy operated asset south of Brisbane.

A local service station investor group paid $6.075 million for the Puma Energy Loganlea Travel Centre at 34 Station Rd, Loganlea.

Over 40 inquiries were received throughout the four-week campaign run by JLL’s Blake Goddard, Sam Hatcher and Sam Byrne.

Knight Frank’s Jason March, who introduced the buyer, said the sale realised a yield of 7.05 per cent.

He said the site was in a key location with access to both on and off ramps of the Logan Motorway.

“The property is relatively new and the buyers saw great value in the asset,” Mr March said.

“In general, service stations are highly sought after in this current market because buyers are seeing a good return on their investment along with a good covenant.”

The vendor was the Gold Coast based Ray Group which developed the property in 2012 after buying the 5196sq m triangle-shaped vacant site for $550,000 from the Rix Group.

As well as Puma Energy, the property has a Puma Car Wash along with Sunshine Kebabs and Zarraffas Coffee which has one of the best performing Queensland drive-through outlets.

The property was sold with a weighted average lease expiry of eight years.

Mr Goddard said the campaign attracted both national and local investors.

“The interest reflected continued demand for this asset class by specific service station investors with an intricate knowledge of the sector.” he said.

Extracted in full from the Courier Mail.