Case Studies

159 Milner Road, Forrestfield, Western Australia


Erected on the land is a Vibe branded service station facility with onsite parking for 9 vehicles. The service station comprises a Vshop branded convenience store and fuel forecourt with a detached canopy. Other improvements include a detached truck stop canopy. The service station operates 24 hours per day as Vibe Forrestfield.

The property is located within the suburb of Forrestfield, approximately 20 kilometres (by road) east of the Perth CBD. The improvements are erected upon a single parcel that is irregular in shape and generally level throughout. Positioned obtaining dual frontages to Milner and Berkshire Roads, with vehicular access provided via both roads to vehicles travelling in both directions. Truck access is provided via Berkshire Road along the southern boundary only. Adjoining and surrounding uses predominantly comprise industrial accommodation.

The property is zoned ‘Industrial Development’ pursuant to the City of Kalamunda Local Planning Scheme No. 3 and ‘Light Industry’ under the Forrestfield North: District Structure Plan.

The most recent traffic volume data is located approximately 690 metres south-east along Berkshire Road, and indicates an AADT of approximately 7,569 vehicles and 1,748 heavy vehicles travelling in both directions (dated Jun-21).

The property includes an irregular shaped 3,000m² surplus land component located centrally on site. Apportioned $600,000 for the surplus land, reflecting $200/m². Our analysed metrics have been assessed on this basis. Sold via an expressions of interest campaign, subject to a lease to Vibe of 12 years and a further 5+5+5+5 year option periods. Annual reviews are to CPI+0.5%.

Sales Analysis
Sale Date:$8,438,000
Site Area:9,149sqm*
Adjusted Service Station Site*:6,149sqm*
WALE (by income):12.00 years
Surplus Land:3,000sqm* assessed at $200/sqm
Zoning:Light Industry
Net Income:$490,000pa net
Capital Value of Site Area:$924/sqm
Adjusted Site Rate:$1,226sqm
Initial Yield:5.80%
Market Yield:6.25%


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