Shell servo at Kingsgrove sells on 3.61 percent yield through Savills

A private Asian investor from Sydney has paid $5.06 million on an aggressive 3.61 percent passing yield for a Shell-Coles Express Service Station property at Kingsgrove.

It was at a hotly contested auction conducted by Savills.

Savills agent Steven Lerche said the property was sold subject to a five year lease to Viva Energy Australia Pty Ltd at an estimated net income of $183,022 per annum.

There were 160 enquiries, with over 65 requests for the contract of sale prior to the auction of the 137-139 Kingsgrove Road property.

It came with the bonus of future redevelopment potential of the 3320 square metre site, which includes a portion of undeveloped land, is located at the prime intersection of Kingsgrove and St Albans roads.

It boasts a combined 122 metres street frontage, and is only 600 metres north of the M5 East.