Rare chance to buy a Manly servo

One of the largest commercial sites in Manly, just 180m from its famous beach, has come to market aimed at investors wanting income now and opportunity later.

The BP service station on the corner of Pittwater Rd and Pine St Manly is for sale with an annual income of at least $300,000 a year and a 12-year lease with the fuel giant Jasbe Petroleuem.

Dylan McEvoy, of JLL, says the 1114sqm level site will probably appeal to a local investor and he expects it to sell for more than $7 million.

“A local family or private investor could treat this as a land bank opportunity. It is a corner location with high exposure on a main thoroughfare,” he says.

A prominent site on the corner of Pittwater Rd and Pine St.

The service station at 133-139 Pittwater Rd, Manly was completely redeveloped in 2019 and has new tanks, petrol bowsers, canopy, convenience store and forecourt with parking for nine vehicles.

There is a new 12-year lease agreement with Jasbe Petroleum and with renewal options and fixed rental increases.

Records show that the prominent site last traded in November 2009 for $2.09 million.

Manly is an affluent area and draws crowds over the summer, large sites don’t often come available.

McEvoy says the service station sector is seeing momentum at the moment with investors pouring more than $1.8 billion into Australian service stations since 2016.

It is unusual to see such large commercial sites come to market in Manly, often land with commercial zoning is much smaller. The last major site to come to market in Manly was a childcare centre, also in Pittwater Rd, with a 15-year-lease.

This article from the Manly Daily originally appeared as “Huge level site 180m from Manly Beach for sale – investors needed”.