Stonebridge Property Group has successfully negotiated the sale of Ampol Halfway Creek for $13,000,000 to a private investor, reflecting a 5.92% yield. The on-market national expressions of interest campaign generated 192 enquiries and seven competitive offers at campaign close.
The asset is the only northbound truck stop servicing a 200 kilometre stretch of the Pacific Highway between Coffs Harbour and Ballina, a position that proved compelling to private investors nationally. Sitting on a 20,110 sqm freehold landholding, the investment is underpinned by a 15-year net lease to ASX-listed Ampol delivering $769,152 per annum with options to 2053 and fixed 3% annual rent increases.
The result is further supported by the $2.2 billion Coffs Harbour Bypass, which will reroute the Pacific Highway away from four existing northbound service stations in Coffs Harbour, directing traffic directly past Halfway Creek and strengthening the asset’s already significant monopoly position.
Michael Collins, Partner at Stonebridge, commented: “Strategic truck stop assets such as this provide extremely defensive fundamentals and this was reflected in strong bidder depth nationally. The sale reinforces that blue-chip fuel and convenience retail sites continue to attract genuine private investment capital and interest from astute long-term buyers.”
Tom Moreland, Partner at Stonebridge, added: “Assets that combine a genuine monopoly position on a national highway with purpose-built infrastructure of this scale are exceptionally difficult to replicate, and that was clearly understood by the depth of investors who engaged.”
Stonebridge’s Michael Collins, Tom Moreland, Aike Sakeson and Rory Alexander handled the formal on-market sale process.
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