Singapore investors pumped for double fuel station buy

SEPARATE private investors from Singapore have been slick in snapping up two leased fuel stations for a combined total of more than $4,000,000 in Western Australia.

194 Canning Road in Lesmurdie (pictured above) sold for $2,350,000 and 66 Sylvia Street(pictured below) in Nollamara sold for $1,810,000 following private treaty campaigns.

The two service stations were marketed and sold by Ray White Commercial (WA) Property Advisor Brett Wilkins.

Mr Wilkins said the service stations had been marketed by other agencies but his focus on the Singapore market paid dividends for the double sale.

“194 Canning Road has an 8.5-year plus options lease and was sold on a 7.97 per cent yield. 66 Sylvia street has a 15-year lease plus options and the yield was 8.28 per cent,” he said.

“Both of these assets are older style service stations with 66 Sylvia occupied by Vibe Fuels and Puma Fuels running 194 Canning.

“Both these sites have been fuel stations for many years and benefit from long-established residential catchments, something that appealed to the two separate buyers.

“194 Canning comprises 1,674sq m* land area and sits in the heart of Lesmurdie. It provides a rental return of $187,464* p.a. and benefits from 13,000* cars a week on average.

“66 Sylvia has an 848sq m* building area and has great exposure on the corner of Sylvia Street and Hillsborough Drive. It produces $150,000* plus GST plus outgoings p.a.”

*Approximately.