LOCATION FUELS $6M PETROL STATION SALE
Proximity to Westfield Coomera and increasing traffic has helped Icefire offload a Shell Coles Express servo and a site approved for a fast-food outlet on Foxwood Rd
A GOLD Coast investor has bought a service station in Coomera for $6 million, in another sign of strong demand for yield-producing assets in the fast-growing northern corridor.
The Shell Coles Express service station at 247 Foxwell Rd was sold by Icefire Developments, linked to millionaire Melbourne homebuilding king Gary Simonds.
The sale, negotiated by Avanti Commercial’s Lachlan Harris and Mason Kidman, reflects a 6 per cent yield. Icefire has also sold a site approved for a fast-food outlet at 249 Foxwell Rd to a Melbourne investor for $1.3 million plus GST. That sale was also negotiated by Mr Harris and Mr Kidman.
The assets form part of a portfolio Icefire put to the market late last year.
They included a 7.824ha parcel at 215-233 Foxwell Rd, which sold to a Brisbane investor for $11.55 million, and a 5791sq m block at 2 Urban Village Way with approval for a childcare centre and commercial building. The Urban Village Way property remains on the market priced at $2.6 million.
Mr Kidman said the Gold Coast buyer of the service station was attracted by the 15-year lease and prime location close to the new Westfield Coomera shopping centre
“The traffic count is continuing to improve and that has attracted both those buyers to those assets,” he said.
“With the Shell, it is not just a service station it is also a convenience store.”
Mr Kidman said the service station’s lease runs through to 2032 with options to 2052.
It returns annual rent of $356,670 plus GST to the owner with all outgoings paid by the tenant, including land tax.
Contracts were signed for both properties last year with the sales settling last week.
He said they will shortly start a leasing campaign for the fast-food site, with the buyer prepared to build an outlet to the requirements of prospective tenants.
The property comes with approval for a 268sq m drive-through fast-food outlet featuring two drive-through lanes and 19 car bays.
Mr Kidman said while the 2 Urban Way property comes with approval for a 125-place childcare centre, buyers were more interested in other facilities due to a surge in childcare centres on the Gold Coast.
“Buyers are looking at a car wash, gymnasium and small offices,” he said.
“The seller is willing to work with someone to get planning completed before the buyer settles.”