A petrol station in Marong Road has sold for more than $6 million at an auction in Melbourne.

The United Petroleum station at the corner of Marong and Specimen Hill roads was sold by Burgess Rawson Melbourne for $6.35 million with a 5.47 per cent yield on Wednesday.

Burgess Rawson senior executive Matthew Wright said the buyer was a Melbourne-based investor.

“The investor had been looking for service stations for some time,” Mr Wright said. “We had multiple bidding parties which was pleasing.

“This site with its proximity and location, as well as its frontage to a main road, made it popular among investors.

“Also the fact it is one tenant across the site of United, the pizza shop and the car wash makes it a simple investment.”

Mr Wright said petrol stations were a sound investment in Australia for the foreseeable future.

“No doubt there has some publicity surrounding emissions and stuff but it will be a long time before petrol stations end up being obsolete,” he said.

“The good ones with the best property and location will always be popular.

“We are starting to see changes in other parts of the world in terms of service stations being used more as retail hubs and energy distribution centres. But it will be years before petrol is totally obsolete.”

The site is made up of 4000 square-metres and 130 metres of shopfronts as well as being close to Bendigo Stadium and other retailers.

“It’s been a growing trend for a while. We are getting a lot more people looking anywhere in Australia as long as its regional,” he said.

“Bendigo has seen population growth and also (growth) in terms land sales.

“More people considering commercial property in regional areas.”

Extracted in full form: Property: United Petroleum site in Marong Road sells for $6.35 million | Bendigo Advertiser | Bendigo, VIC