Sydney servo sells for huge price
A BP service station located in Sydney’s western suburbs built only four years ago has sold for $8 million to a local Sydney investor.
The tenant at 14 Bernera Rd, Prestons, will continue on a 15-year lease with two extra five-year options. The property was sold on a 5.5% yield.
Ray White Commercial agent Stephen Kidd says service stations continue to keep investors pumped and will always be seen as a reliable asset, especially when in a good location.
“The asset offered a single-tenant investment with the BP service station incorporating Pie Face and Burger Edge as subtenants,” he says.
“Many more investors are looking to quietly buy investment property off-market and we need much more stock to service this growing market sector.
“The property provides a net income of around $442,617 p.a. plus GST with the lessee liable for 100% of the outgoings, including land tax.
The service station at 14 Bernera Rd, Prestons.
“The property has excellent rent reviews being the higher of CPI, or four per cent.
“Service stations continue to keep investors pumped and will always be seen as a reliable asset, especially when in a good location.”
