Ballina highway service centre site hits the market

A five hectare site on the Pacific Highway, Ballina, in northern New South Wales is on the market with expectations of more than $35 million.

A modified plan for the site had been approved by Ballina Council for a highway service centre. It is for sale via Offers to Purchase by Andrew Schmidt and John Dwyer of Ray White on behalf of interests associated with former Consolidated Properties co-founder Steve Tyson.

Andrew Schmidt said the new centre will be anchored by a 15-year lease plus 2 x 10-year options to Caltex, who will offer a state-of- the-art facility incorporating separate truck and standard vehicle facilities and parking for up to 25 B-doubles and capacity for AB-triples.

“The design of the complex ensures the traditional conflict between cars and trucks evident in so many existing service centres will be a thing of the past in this project," he said.

“Service centres have become a highly sought after asset class in the current market, and the outstanding mix of tenants on long leases in this centre coupled with the prime location, is expected to appeal to both the institutional market and also major private groups.

"The current approximate net income is $1.5 million per annum.”

John Dwyer said another feature of the service centre will be the largest and most diverse food court offering on the east coast.

"KFC had committed to a 15-year lease with 3 x five-year options for a new freestanding KFC store on an adjoining lot to the service centre," he said.

“The food court includes healthy food operators Oliver's Real Food and growing kebab group Zaza Kebabs, while Gloria Jean's Coffee will operate one of the two drive-through facilities.

“Negotiations are underway with the three pad sites with an opportunity to acquire the adjoining adjacent land parcel comprising approx. 6.48ha.

McDonald's has acquired its own lot and recently submitted a Development Application.

Offers to Purchase close on Wednesday, April 5, 2017.