Dawkins Occhiuto are pleased to present for sale this exceptional opportunity to acquire one of Melbourne's most high-profile service station and convenience complexes.
The property is prominently positioned along one of Australia's busiest roads and one of Melbourne's most vital arterials, the West Gate Freeway, just 3 km from the Melbourne CBD.
With unparalleled freeway exposure to an estimated 175,000 passing vehicles per day, the property sits at the intersection of the Todd Road exit and Cook Street at the inbound entrance to Port Melbourne/Fishermans Bend.
This modern facility investment is anchored by a triple net lease to Viva Energy (trading as Shell/Coles Express) and is complimented with a food court offering four tenancies including two drive through restaurants in Hungry Jacks and Red Rooster.
Key Investment Highlights include:
- Total passing net income of $1,545,572 p.a.* (from 12 May 2021) - 15 year leases to Viva Energy, Hungry Jacks and Red Rooster - 60% of income anchored by Viva Energy under triple net lease paid yearly in advance - 90% of rental secured for at least 9.7 years (as at 1 April 2021) - 8.8 year WALE by income (as at 1 April 2021) - Modern service station and convenience complex constructed in 2015 - Strategic city fringe gateway site with high freeway exposure and on the doorstep to the CBD - Huge surrounding growth potential across Fisherman's Bend - Large landholding of 10,010 sqm* - Total lettable area of 697.5 sqm* across Shell/Coles Express and 4 food tenancies - 2 drive throughs servicing both Hungry Jacks and Red Rooster
*approx.
The property is being offered via an Expressions of Interest campaign closing Thursday 13th May 2021 at 3pm AEST.
