A private investor has acquired a Shell Coles Express Service Station in Glendale for $4.58 million.
Located at 593-595 Main Road, the service station features an automated carwash, ample parking, eight covered pumps, retail, office and storage areas.
The property is currently occupied by blue chip tenant Shell Company of Australia until 2024, providing an income of approximately $317,715 per annum.
CBRE’s Michael Hedger, Nick Willis and Tim Grossman sold the 2,356sqm site at auction on behalf of a private syndicate, which has acquired the site at 6.93% yield.
Mr Hedger said the site’s strategic location on a major arterial road linking the F3 Freeway to the Lake Macquarie and Newcastle region was a key selling factor.
“The Main Road position appealed to a range of buyers, with the site attracting over 65 enquiries and multiple bidders at the auction,” Mr Hedger said.
“With 2.91% population growth projected for the area in the seven years to 2018, the sale represented an ideal opportunity for investors to break into this developing market.”