An Australia-based private equity fund is the buyer
Anchored by Shell, BP, Caltex, Viva Energy, Puma, Westside, Metro Petroleum and United Petroleum, a portfolio of 17 east coast fuel service stations, has been finalized for a figure below $60 million, by an Australia-based private equity fund, with involvement of offshore investors.
Selling agent Colliers International's Daniel Wolman said that the fuel service stations attracted significant interest from private investors and institutional players seeking both individual assets and the entire portfolio.
The 17-strong portfolio was offloaded by syndicate, steered by Melbourne-based lawyer, property investor and restaurant owner KonfirKabo. Having developed the properties over a five-year period, the small group of investors intend to sell the sites to free up capital for further service station developments. With thirteen of MrKabo's fuel stations operating, four more are expected to be completed by early 2018.
Currently the outlets return leasing revenue of $2.51 million a year. This figure is projected to rise to $3.505 million once the other service stations are completed. Many service station operators, in addition to pumping fuel, have extended their in-store goods offering to resemble small convenience stores, quasi-supermarkets and/or coffee shops, increasing revenue generated from the site for landowners.
A concept store 'The Foodary' was opened by Caltex earlier this year, offering daily laundry services, a ParcelPoint pick-up mailing service, fresh food and a coffee shop, and also supply partnerships with The Corner Store, Sumo Salad, Boost, Australia Post, among others. Source: smh PWKD01122017