A leased service station at the entrance to the coastal suburb of Yanchep, one of Perth’s fastest-growing catchment areas, has come to market.
The newly built fuel station, on the corner of Marmion Avenue and Morwell Street, will be sold by Colliers International’s Associate Director Metropolitan Sales Tim Scott who said with long leases, fixed rental increases and strong covenants, service stations remained popular investments.
“This property is leased to Caltex Australian Petroleum until 2031 and has minimum rent reviews at three per cent per annum so we are expecting a good level of interest from private investors,” Mr Scott said.
“It also has a 50 metre frontage to Marmion Avenue, a major north-south road linking Perth and the northern suburbs, which ensures a high level of passing traffic.”
The 2605sqm service station site has a 215sqm Star Mart retail building, which is also home to a Boost Juice bar, and a 272sqm canopy area.
The service station is also next to McDonalds and has side access to a private road leading to Yanchep Central Shopping Centre.
According to the Australian Bureau of Statistics, Yanchep and neighbouring suburb Two Rocks, recorded a 29 per cent increase in population in 2015-16 and Mr Scott said significant land releases were scheduled for Yanchep during the next five to 10 years to keep up with housing demand.
“Yanchep’s population growth will increase demand for a whole range of local services, including service stations,” he said.
“The start of construction on the Yanchep rail extension in 2019, and the future expansion of the Yanchep Central Shopping Centre, will also support residential development.”
The service station will be sold by offers to purchase which close on October 18.