INVESTORS looking for convenience found what they were looking for at Burgess Rawson's successful portfolio auction in Melbourne this month, with the 7-Eleven petrol station, at 166 Pumicestone Road, Caboolture selling for $4,920,000 on a yield of 6.19%
The 2131sq m corner site has 87m of exposure to busy Pumicestone Rd and sits 1km from the D'Aguilar Highway and Caboolture Bypass.
The prime position property, which links the Bruce Highway and Caboolture's CBD, included major tax depreciation benefits and was sold with a secure 15-year lease in place to 7-Eleven Pty Ltd through to 2030 plus four by five-year options to 2052.
According to selling agent, David Ingram, the auction program together with Burgess Rawson's large pool of eager, qualified investors, continues to generate premium results.
"Last week's auction was a stand-out performer for Queensland property, with a number of eager investors battling it out to secure prime property in bustling locations," Mr Ingram said.
"This investment generates a net income of $307,000 p.a. with fixed annual 3% rent increases, plus the lessee pays all usual outgoings excluding the land tax.
"Investors were quick to snap up the property because the Moreton Bay region is a key growth corridor north of Brisbane which has grown 12.5% since 2011 and now has a population of 434,751."
166 Pumicestone Rd
What: 2131sq m corner site with 87m of exposure to Pumicestone Rd
Features: 7-Eleven petrol station with 15-year lease in place plus four by five-year options to 2052
Result: Sold for $4,920,000
Agent: David Ingram at Burgess Rawson
Contact: 0403 464 621
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