State-of-the-Art Highway Service Centre Hits the Market
A recently approved and eagerly anticipated highway service centre anchored by Caltex and other high profile tenants on the Pacific Highway at Ballina on the far north coast of NSW is being exclusively marketed by Ray White.
The approximately 5ha site proposed for the eastern corner of the Pacific Highway and River Street Interchange at Ballina is being offered for sale via Offers to Purchase by Andrew Schmidt and John Dwyer of Ray White on behalf of interests associated with former Consolidated Properties co-founder Steve Tyson, with expectations of more than $35 million.
Andrew Schmidt said a modified plan for the site had been approved by Ballina Council and the efficient and attractive design is expected to result in arguably the best highway service centre in Australia.
“The new centre will be anchored by a 15-year lease plus 2 x 10-year options to Caltex, who will offer a state-of- the-art facility incorporating separate truck and standard vehicle facilities and parking for up to 25 B-doubles and capacity for AB-triples,” he said.
“The design of the complex ensures the traditional conflict between cars and trucks evident in so many existing service centres will be a thing of the past in this project. Caltex offerings will include a new concept store known as ‘The Foodary’.
“Service centres have become a highly sought after asset class in the current market, and the outstanding mix of tenants on long leases in this centre coupled with the prime location, is expected to appeal to both the institutional market and also major private groups. The current approximate net income is $1.5 million per annum.”
John Dwyer said another outstanding feature of the service centre will be the largest and most diverse food court offering on the east coast as part of Caltex’s strategy of offering customers quick meals and convenience.
He said KFC had committed to a 15-year lease with 3 x five-year options for a new freestanding KFC store on an adjoining lot to the service centre.
“The food court includes healthy food operators Oliver’s Real Food and growing kebab group Zaza Kebabs, while Gloria Jean’s Coffee will operate one of the two drive-through facilities,” John Dwyer said.
“Negotiations are underway with the three pad sites with an opportunity to acquire the adjoining adjacent land parcel comprising approx. 6.48ha.”
In another endorsement of the project’s calibre, McDonald’s has acquired its own lot and recently submitted a Development Application with plans to build a freestanding restaurant within the highway service centre complex.
Andrew Schmidt said the centre is scheduled to be completed in early 2019, and it’s anticipated there will be some 30,000 vehicles passing the site daily from the Pacific Highway Bypass and River Street.
“The Ballina Highway Service Centre is expected to become the benchmark travel centre in the country,” he said.
“It is ideally located approximately two hours from Brisbane, and it is easily accessed from the south and from the Bruxner Highway, plus it will have huge appeal as a destination for Ballina locals.
“The facility will be a true travel centre in every sense of the word. In addition to the ease of access and manoeuvrability for cars and large trucks, buses and caravans will be easily accommodated on the site. An electric car charging base is expected to also be established.”
Offers to Purchase close on Wednesday, April 5, 2017.