A Rare Ground Lease Bp Service Station has transacted for $4,400,000 reflecting the sharpest transaction in the WA Service Station market in three years.
A ground leased Service Station and convenience store situated in Perth’s Northern growth corridor has exchanged hands for $4,400,000. The property 2 Abello Boulevard Jindalee, is leased to global giant and London Stock Exchange Listed (LON: bp) Bp with a long-term lease in place, benefiting from annual rental growth and a thriving surrounding catchment.
The sales and marketing campaign attracted an enormous amount of interest with over 450 enquiries from local, eastern coast and offshore buyer groups, with the property ultimately being purchased by a Perth Based Private Investor.
This sale represents the sharpest service station to transact in Western Australia since June 2022. The sale reflects the strong investor confidence and demand in the asset class.
Colliers State Chief Executive, Richard Cash and Executive of Investment Services, Aidan Austen were the exclusive selling agents of 2 Abello Boulevard, Jindalee – BP Jindalee.
Mr Cash said “With over 450 enquiries and a competitive campaign, this transaction highlights the strong appetite from both local and offshore investors for secure, long-term leased investments. The result not only sets a new benchmark for service station sales in WA but also reinforces the resilience and appeal of the sector amidst evolving market conditions.”
Mr Austen said “We expect to see a continued uplift in buyer interest throughout the remainder of the year, driven by a combination of stabilising economic conditions and the anticipated easing of monetary policy. As the cost of debt trends downward, investors are regaining confidence and reentering the market with a renewed appetite for high-quality, income-generating assets. This shift is particularly evident in the service station sector, where long-term leases, strong tenant covenants, and strategic locations offer compelling value and resilience. The momentum seen in the sale of BP Jindalee is likely to be a sign for increased transactional activity across similar asset classes.”
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