Servo fetches millions
THE Shell service station at Hatton Vale sold for the eyewatering sum of $6.8 million, making it one of the most expensive servos sold in the region in the past year.
Jamie Dewe from Burgess Rawson handled the sale and said the price reflected the location.
“It has good exposure and it is a new building,” he said.
The servo sold to a Sydney investor who will retain the Shell lease.
It is a 7,474 sqm property with a highway frontage of more than 100 metres which guaranteed high daily traffic flow, predominantly comprised of heavy vehicles.
The property has a 10-year lease to an established multisite Shell operator with options to 2050 and the new owner is expected to generate a net income of $550,000 annually.
“Alongside this asset’s substantial depreciation benefits, the tenant paying all the usual outgoings as per the lease agreement, including maintenance, improvement and environmental costs, which is a huge plus,” Mr Dewe said.
“The roadhouse includes a large 24-hour service station and a convenience store, plus a large 400 sqm canopy.
“With the globally established Shell brand boasting a strong reputation, further aiding the site’s appeal and offering the prospective buyer ultimate peace around the asset’s long-term stability and viability,” he said.
It is the third servo Burgess
Rawson has sold in the region during the past year.
The Anzac Ave sold for $5 million and the Centenary Heights 7/11 sold in January for $4.9 million.