Private investors continue to fuel petrol station sales with a BP service station in Epping selling for $9 million.
The service station and car wash – first offered to the market in a CBRE portfolio auction last December where it didn’t find a buyer – has sold subsequently to private syndicate on a yield under 6 per cent.
The deal follows another four service stations selling in January for a combined $30 million.
Petrol king Jason Be’s Jasbe Petroleum sold the freehold of the service station, while retaining management of the facility under an 11-year leaseback structure that will return about $551,000 in income a year to the new owners.
The deal was negotiated by CBRE. The agency would not comment.
Jasbe Petroleum owns and manages up to 44 east coast service stations under the BP moniker.
The group sold a BP in Cranbourne last month for $11 million on a yield of 5.86 per cent and another in Vermont leased to the group, but privately owned, went for $6.1 million on a yield of 5.62 per cent.
A 7-Eleven in Ballarat went for $5 million on a 5.33 per cent yield and a United Petroleum in Dandenong transacted for 7.3 million.
Late last year a portfolio of 17 east coast petrol stations developed by lawyer, property investor and restaurant owner Konfir Kabo sold for around $60 million.
Extracted from The Age.