TWO recently completed properties consisting of a 7-Eleven Service Station, Hog’s Express drive-thru and IMO car wash, have sold for in excess of $9M at 148 Station Road, Burpengary, following a successful expressions of interest campaign.
The assets, that came with a massive 5,802 sq m* site area, also benefited from a total frontage of 126m to Station Road, and were sold on behalf of MatchBox Property Group and Hargreaves Property Group.
They formed part of a larger four-lot staged retail precinct being developed by the joint-venture partners.
The properties were marketed and sold by Ray White Commercial Queensland Retail Sales father and son duo Stephen and Elliot Kidd.
Mr Stephen Kidd said there was a large amount of interest throughout the campaign from different parties across the country.
“The sales campaign attracted in excess of 150 enquiries and we finished up with 12 expressions of interest. This shows that potential buyers really appreciated the opportunity that was on offer,” he said.
“The demand was buoyed by their prime, adjoining location in one of Queensland’s biggest population growth hot spots.”
Mr Elliot Kidd said the purchaser was a Sydney investor who wanted to add an asset like this to their portfolio.
“The buyer was attracted by the property providing income diversity, lease duration, income growth provisions and given their recent completion, the assets require minimal property maintenance,” he said.
“Head office leases to IMO, 7-Eleven and the Hogs Express drive-thru provide long-term income security and steady income growth. Apart from land tax, all other outgoings are recovered.”
MatchBox Property Group and Hargreaves Property Group have since appointed the same retail duo to sell another 7-Eleven anchored property at Helensvale on the Gold Coast.
Recently completed, the Helensvale investment is underwritten by a long head office lease to 7-Eleven.
This prime investment property also includes additional land for future development, with medical centre operators and a car wash operator, already expressing interest.