Retail asset in Altona North attracts more than 160 enquiries during sales campaign
A BP service station asset southwest of Melbourne’s CBD has sold for $7.25 million.
The retail site is occupied by a recently refurbished BP franchised service station and an adjoining New York Minute café, which are on 20-year and 10-year leases, respectively.
JLL’s Dominic McGrath and Tom Noonan together with Appel Property as transaction manager handled the sales process of 415 Grieve Parade, Altona North, which was on the market through an Expression of Interest (EOI) campaign.
Mr McGrath said the well-located site generated strong levels of enquiry with 160 enquiries and seven Expressions of Interest received.
“This property is within one of Melbourne’s most tightly held last-mile logistics hubs about 11 kilometres out from the Melbourne CBD, and just 1.5 kilometres from the West Gate Freeway,” he said.
“It’s location on one of the main industrial roadways within Melbourne’s Principal Freight Network meant it benefited from strong traffic flow and being a truck-stop, it caters well to the surrounding occupiers in the precinct.
The site features a recently upgraded BP Truck Stop, cafe, and convenience store, which includes 11 fuel bowsers including truck canopy, nine onsite carparks.
“Investors were attracted to the strategic location, the recent refurbishments and the net-lease structure,”
Mr McGrath said.
“The property was strata-titled, and the fuel infrastructure had been in place for a while, however we still managed to negotiate a sharp yield of 6.2 per cent on behalf of our vendor so it was a fantastic result all round.”
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