The fast-growing Stonebridge Property Group team have listed another freestanding Caltex Service Station in Geelong North, which will fuel into the growing demand for single tenanted income producing investments.
Located on Thompson Road (a major thoroughfare in Geelong North), the 1,668sqm site will attract interest from investors, especially those chasing long term security.
The freestanding service station is securely leased to Westide Petroleum (which is 100% owned by ASX Listed Viva Energy Group), with a passing net income of approximately $260,000. The service station forms part of the Geelong North commercial precinct being passed by 16,000 vehicles daily.
Stonebridge Directors Kevin Tong and Rorey James will be marketing the service station and anticipate the 15-year net lease to ASX Viva will be hotly contested given the current low interest rates and limited opportunities.
Mr. Tong added “The growth in Geelong is unprecedented at the moment, with the working from home strategies driving more of a sea change for residents. When you couple this with the 50% stamp duty savings on regional locations, assets in Geelong become extremely attractive.”
Stonebridge Director Rorey James also added “This asset ticks a lot of the boxes for investors. 15-year net lease to a ASX listed tenant, with land and newly built, plus interest rates where they are at the moment, assets like Caltex Geelong North become very logical investment options.”
Caltex Geelong North follows a flurry of recent service station transaction including:
Shell Yarraville | $10,500,000 | 5.93% Yield
Caltex Wodonga | $1,600,000 | 4.55% Yield
Shell Torquay | $8,350,000 | 4.90% Yield
7/11 Maidstone | $6,700,000 | 4.83% Yield
BP Westernport | $20,300,000 | 4.89% Yield
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