Eastern state investors drive strong demand for long-term SA assets.
Colliers is pleased to announce the unconditional sale of 80 Petherton Road, Davoren Park, a newly rebranded BP X Convenience service station, on behalf of mortgagee in possession, Vance Finance Pty Ltd.
The property attracted significant attention during the campaign, with over 100 enquiries and nine formal offers from a mix of local family offices, national syndicates, funds, and high-net-worth investors. The competitive process culminated in an unconditional exchange at a market-leading price, underscoring the strength of demand for premium-grade service station assets in South Australia.
Jordan Schmidt, Head of Office Capital Markets & Investment Services, South Australia at Colliers, said, “We saw strong engagement from interstate investors, particularly from the eastern states, who are increasingly targeting South Australia for long WALE investments. The level of interest was a clear reflection of investor confidence in the asset class. The stability of the South Australian market, combined with low barriers to entry such as no stamp duty, is making it an attractive proposition.”
Strategically located within Adelaide’s northern growth corridor, the 4,930sqm corner site sits at the heart of the $1 billion Playford Alive urban renewal initiative. The area is forecast to deliver 38,000 new homes and accommodate up to 149,000 residents by 2041, reinforcing long-term demand for essential services and retail amenity.
Rhys Newman, Associate Director, Investment Services at Colliers South Australia, commented, “South Australia is increasingly on the radar of institutional and private investors. This sale demonstrates the depth of capital looking to deploy into high-quality, income-generating assets in growth locations.”
The property is securely leased to BP following its acquisition of X Convenience earlier this year, with a 15-year lease in place to 2037 and options extending to 2057, offering long-term income security backed by a globally recognised energy brand.
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