United Croydon North has been sold off market for $7.78m after being sold for $6.36m in 2018, a 22.2 per cent net uplift for the vendor.
The service station sits on a strategic 4,270 sqm parcel of land on the busy Maroondah Highway, approximately 30km east of the Melbourne CBD.
The asset is underpinned by a 16-year net lease to United Petroleum with options through 2054, providing a current net rental of approximately $389,941 p.a. + GST.
The property, the first metropolitan Melbourne service station transaction in FY24, was sold off-market and was handled by Jarrod Herscu, Senior Executive of Retail Investments at JLL.
Herscu said investors continue to recognise value in service stations, especially those underpinned by strong metropolitan land holdings.
“The transaction reflects an ability to achieve strong results for service station assets which meet certain investment criterions.”
Currently up for grabs is a collection of service station investments, developments, and opportunities across Australia’s east coast.
Totalling over 200,000sqm of land across a number of diversified landholdings, The Petroleum Portfolio has a potential fully leased income in excess of approximately $2.3 million across both rural and suburban locations including Albury, Coolac, Coolamon, Coonamble, Denham Court, Gunnedah, Hillston, Jugiong, Tumut, Narrandera, and West Wyalong.
The portfolio is exclusively listed for sale through the Colliers team of Jordan McConnell, Matthew Meynell and Samantha Carroll, on behalf of Barry Kogan and Katherine Sozou as Receivers and Managers.