Service station site on the market
THE commercial site near Albany’s main roundabout currently housing the new Shell 5 Ways Albany fuel station and a vacant building initially proposed as a lunch bar or drive-thru service is up for sale.
Listed with Melbourne and Perth-based real estate agency CBRE, the 3220sqm Albany Highway site is for sale via a national public expressions of interest campaign closing July 4 at 3pm.
It has been described by CBRE as “the busiest corner in Albany”.
Agent Joseph Du Rieu said the purchaser of the site would have the benefit of an income from a 15-year net lease to Viva Energy, the licensee of Shell, and four five-year options for potential future tenancy of the adjoining drive-thru building.
“We have seen a number of our Victorian-based developer clients migrate west to take advantage of what is considered an ‘under-pumped’ market for petrol stations,” he said.
“This is creating many good buying opportunities for local and east coast investors.”
The initial development application for a service station on the block provided by Peter D. Webb & Associates on behalf of Victorian-based Procon Developments was knocked back by the City of Albany in February 2017 due to safety concerns, including safe entry from and exit to the main roundabout.
Peter D. Webb & Associates took the matter to the State Administrative Tribunal and the City’s refusal decision was overturned six months later.
The development application faced criticism after the roundabout the service station is situated near was ranked number one in the top 10 risky intersections in the 2018/2019 RAC Risky Road survey, and the sixth worst intersection in the state and second in regional WA in the 2016/2017 poll.
Within its city limits, Albany has five Shell, five Caltex, three BP, one Puma, one Gull and four United service stations, including four truck stop service stations.
A Liberty service station is currently under construction in McKail.
Extracted from GS Weekender