First twin service stations in 20 years mooted for M1 Pacific Motorway
Two service station sites 10 years in the making and that could one day be worth $85 million are on the market for a fraction of that price.
The two tracts of land, which have development approval to create the first new twin service centres in 20 years on opposite sides of the M1 Pacific Motorway between Sydney and Newcastle, have been put up for sale.
If completed in line with the current approvals, the sites could each be home to a petrol station and truck stop capable of servicing 16 cars and seven trucks, along with five fast food outlets including a convenience store and two drive-through facilities, 25 A-double and B- double parks, nine caravan parks and 148 customer carparks.
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The larger of the two sites – northbound at 264-266 Newport Rd, Cooranbong, comprises 25.79ha of freehold space, which the southbound site at 101 Hawke Mount Road, Dora Creek, is around half that size at 12.89ha.
Cushman & Wakefield agents say that the interest from fuel and retail operators during the planning stage indicates the sites could net around $5 million each year across a minimum 20-year lease.
Tindale Property Director, Nick Perks, managed the project over the decade it took for development approvals to be granted, while Cushman & Wakefield’s Head of Sales and Investments for NSW, Anthony Bray, and colleagues Yosh Mendis and Ryan Cross, have been appointed to manage the sale.
Bray says the stations will present a choice to motorists along one of Australia’s busiest roads,
“This is a very unique opportunity to secure a site that can be immediately developed to rival the Caltex at Wyong that has controlled the fuel, food and respite for motorists for over 20 years without competition,” he says.
“After securing privately owned land parcels along the M1 motorway 10 years ago, planning and development approval was recently obtained. This was ultimately obtained on the basis that the proposed site provided a much-needed safe rest area on the motorway between Wyong and Newcastle, reducing the threat for fatigued drivers.”
