One stop for profits
Service centre offers secure tenants base
A FULLY-leased Carrara service centre released to the market is set to whet the appetite of investors.
The five-tenancy property at 2 Elysium Rd, known as Elysium Central, is home to a 7-Eleven service station, Subway, Sushi 1, bakery, Indian restaurant and ATM.
The property, owned by Selburn Pty Ltd, linked to the Issa family of Victoria, returns approximately $498,000 in net income to the owner.
The 7-Eleven centre has a lease arrangement running through to 2029.
Selburn bought 2 Elysium Rd for $6.3 million in 2014 from Elysium Central Pty Ltd, linked to Marcus Dore and Geordie Whitcombe, of Brisbane-based developer BluePoint Property, which built the service centre.
It is being marketed by Mark Witheriff, James Branch and Jason March, of Knight Frank, and Ray Maddock of RM Realty.
Mr Witheriff said service station assets are in high demand from investors.
“That is given the longterm secure income streams and strong lease covenant in place, coupled with a location in a rapidly growing catchment, which ensures its competitive long-term advantage,” he said.
Mr Branch said the property also had the advantage of being adjacent to the planned Pacific View estate.
“When completed this will house approximately 10,000 residents,” he said.