A Shell service station in Adelaide’s Edwardstown has exchanged hands in a $5.75 million off-market deal.

The Edwardstown Shells/Coles Express at 1112 South Road was sold with a new 10-year lease with three five-year options to Viva Energy Australia.

The service station sits on a 2,430 sqm site and is located in Adelaide’s main north-south transit corridor.

CBRE’s Will Brown and Ben Heritage brokered the sale on behalf of developer Emmett Property via a private treaty.

A yield of 5.7 percent underscored the property’s strong tenancy profile, said Brown.

“This sale highlights the strong demand currently in the market for single-tenant leased investments,” he said.

The property offers a commencing net income of $328,000 per annum.

Extracted in full from Property Observer.