Buyer shells out $5m for Gympie Coles servo

Syd­ney’s high prices fuel in­vestor in­ter­est here

The Gympie Times - - NEWS - . JA­COB CAR­SON Re­porter ja­cob.car­son@gympi­etimes.com.au

WITH its po­si­tion on River Rd, easy ac­cess to the Bruce High­way and prox­im­ity to Gympie Cen­tral, the Shell/Coles ser­vice sta­tion is eas­ily con­sid­ered a prime piece of lo­cal real es­tate.

No one is more aware of this than real es­tate agent Michael Baker from Har­courts Noosa, who mar­keted and sold the prop­erty for $5.04 mil­lion.

“It is the only Shell/Coles ex­press ser­vice sta­tion in Gympie and is ide­ally lo­cated right near Gympie’s busiest shop­ping cen­tre,” Mr Baker says.

“Like gro­ceries, whether we like it or not, fill­ing up our cars is a sta­ple of every­day life – a very de­fen­sive in­dus­try.”

Ac­cord­ing to Har­courts, the prop­erty was a hot ticket item for ‘self-funded re­tirees and in­vestor groups’, with three of­fers made for the prop­erty.

Mr Baker says the prop­erty had a num­ber of in­her­ently at­trac­tive fea­tures, be­cause it “of­fers its new own­ers a sta­ble and se­cure in­come stream with a yield very hard to find given the qual­ity and type of as­set on of­fer”.

The sale comes as the Queens­land prop­erty mar­ket un­der­goes an in­flux of in­ter­est from in­ter­state.

Har­courts went on to ex­plain wealthy Syd­neysiders, flush with cash af­ter sell­ing their homes, are look­ing to in­vest and they buy heav­ily in the Queens­land prop­erty mar­kets.

The amount of money this shift rep­re­sents is stag­ger­ing – es­ti­mated to be hov­er­ing around $8.1 bil­lion, based on fig­ures from Macquarie Bank.

“Syd­ney house prices are nearly dou­ble those in the other cap­i­tal cities and job cre­ation in Queens­land is on the rise,” Macquarie wrote.

Macquarie ex­pected 130,000 peo­ple would be mak­ing the move up from in­ter­state in the next three years.

❝like Whether we it or not, fill­ing up our cars is a sta­ple of every­day life – a very de­fen­sive in­dus­try.

— Michael Baker

PHOTO: CON­TRIB­UTED

HAPPY SIGN: Michael Baker at the Shell ser­vice sta­tion on River Rd.

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