In a “super” result according to agents, three assets at one of Toowoomba’s largest shopping centres have been sold at auction for more than $10m.

The assets attracted nearly two dozen bidders from across Australia, including offers from Perth, Melbourne and Sydney.

This included 16 bids on the EG Group Ampol, which was sold for $1.23m — above the reserve of $1m and producing a yield of 5.18 per cent.

The newly-built 7-Eleven, part of CPG’s second stage revamp of the shopping centre, moved at $4.56m for a yield of 6.3 per cent.

The 7-Eleven service station at the Wilsonton Shopping Centre has sold at auction through Burgess Rawson for $4.56m.

Both were bought by a father-and-son investment team from New South Wales.

The KFC, which is one of the state’s best performing locations for the chain, received a reserve-meeting offer out of auction on the day from a Queensland investor of $5m (at a 5.49 per cent yield).

Burgess Rawson national sales director Raoul Holderhead said he had been impressed with the yields on the properties, particularly with the KFC considering the circumstances.

“The KFC was a super property, it’s only a two-year lease remaining, though I don’t believe they’ll be going anywhere, so that was a good result,” he said.

“We thought that might go into the 6 per cent yield, but to get $5m with a two-year lease is a super result.

“For the purchaser, that’s an exceptional property, it’s one of the best stores in the state.”

The KFC restaurant at the Wilsonton Shopping Centre has sold prior to auction through Burgess Rawson for $5m.

Mr Holderhead said the service stations either met or exceeded yield expectations, given the changing market climate for the asset class in Queensland.

“The EG servo on was a safe investment — it’s a super location, you wouldn’t have too much trouble finding a tenant for that and they handle all ongoing repairs,” he said.

“Service stations have been tricky at the moment, yields have been increasing, but (the 7-Eleven) is a good result.

“It’s got 6.4 per cent yield and it probably had 40 per cent in potential tax savings (due to depreciation), but there’s just a bit more power for the buyers (right now).

“The yields for service stations are slowly fading away, now the banks have tightened up on lending for service stations.”

It marks the first sell-off of properties at the shopping centre by CPG since it floated the sale of Wilsonton and a number of other assets last year.

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