United Petroleum retail asset listed in Melbourne’s booming north
The United Convenience Centre in Doreen is being offered for sale via an expressions-of-interest campaign and is tipped to attract significant interest.
The property is fully leased to a United Petroleum service station and convenience store with a Pie Face tenancy, alongside two takeaway food operators, Doreen Noodle Bar and Lilydale Free Range Roast Chicken. The businesses currently generate an estimated net income of $463,572 a year, with fixed annual rental increases of between 3 and 3.5 per cent across all three tenancies.
Constructed in 2013, the centre includes four fuel pumps and on-site parking for 19 vehicles.
The campaign comes amid continued investor appetite for non-discretionary retail assets, particularly fuel and convenience centres located within high-growth metropolitan corridors where population growth and infrastructure spending are supporting long-term demand.
JLL senior executive Romanor Falconer says the property is strategically positioned to benefit from significant government-backed infrastructure investment reshaping Melbourne’s outer north.
“Given the property’s location at the epicentre of the $88 million Yan Yean Road Upgrade – a major infrastructure project – [and] forecast population growth of more than 55 per cent in the City of Whittlesea by 2041, the upgrade is expected to further enhance accessibility, traffic flow and long-term demand across the precinct,” he says.
The Yan Yean Road Upgrade forms part of Victoria’s broader $3.14 billion Suburban Roads Upgrade program and is expected to strengthen connectivity throughout the northern corridor.
The prominent corner position on Bridge Inn Road, which is the principal east-west arterial servicing the rapidly expanding Doreen-Mernda-Yarrambat catchment, attracts over 24,000 passing vehicles a day.
JLL executive Dominic McGrath says assets supported by essential retailing continue to attract broad-based interest from both institutional and private investors seeking stable income and inflation-linked growth, particularly those located within high-growth metropolitan corridors.
“The combination of diversified income streams, fixed rental growth and exposure to one of Melbourne’s fastest-growing municipalities positions the asset well in the current market,” he says.
The listing follows a wave of investor demand for strategically located fuel and convenience assets nationally. Earlier this month, the Ampol Halfway Creek truck stop on the Pacific Highway in NSW sold for $13 million after attracting strong buyer competition, with investors drawn to its exposure to freight traffic and its position alongside the $2.2 billion Coffs Harbour bypass project.
