Service station near Canberra snapped up by Sydney buyer for $4.1 million
A Sydney-based investor has snapped up a Murrumbateman service station and convenience retail centre for $4.1 million to benefit from the higher returns on offer in Canberra and surrounding markets.
Murrumbateman is in Southern Tablelands of New South Wales, nearly 40 kilometres from Canberra.
The Caltex-branded petrol station and Friendly Grocer is located at 2-22 East Street, fronting the Barton Highway.
The 2,716 sqm retail investment was brought to the market by a local vendor -- a prominent local builder. The vendor previously operated the service station before selling the business to the current independent operator.
The property was sold with leases to blue-chip tenant Friendly Grocer (owner by IGA), along with local business Murrumbateman Butcher. The tenancies offer a weighted average lease expiry (WALE) of about 7.48 years and produce a net income of $324,600 per annum.
CBRE’s Mark Nicholls brokered the sale.
“The main road positioning with exposure to approximately 12,000 cars per day appealed to a range of buyers," he said.
The site features a mix of grocery, convenience and petrol retailing - with parking, six covered pumps, office and storage areas. It is the only major grocer in the catchment.
