Six Sydney metropolitan petrol stations have sold for $39.92 million at auction this week, more than twice the written reserve.
The trustee-appointed sale consisted of the six freehold businesses, offered individually, many with operators already in place.
“We had significant interest from all levels of buyers, existing operators and owner-occupiers,” said selling agent, Harry Bui of Colliers International. “We had over 150 enquiries, issued 60 contracts for sale and registered 56 bidders with an average of 20 bids per property.”
The properties were sold under the hammer for a total of $39.92 million, twice the written reserve rate.
The assets included:
- 50 – 60 Riverside Drive, Airds: sold for $6.15 million
- 8 Argyle Street, Camden: sold for $4.86 million
- 896A Woodville Road, Villawood: sold for $6 million
- 115 Sackville Street, Fairfield: sold for $2.81 million
- 51-55 Salisbury Avenue, Kemps Creek: sold for $14.5 million
- 898 – 902 Victoria Road, West Ryde: sold for $5.6 million
“The interest in these assets clearly demonstrates the underlying demand for well-positioned investment opportunities with a steady income stream,” said Mr Bui. “We have sold several service stations this year, and we’ve experienced strong demand from a range of investors who see such assets as strong long-term investment opportunities as a result of good capital growth and steady returns.”
Colliers International spring auction attracted record crowds, with buyers and spectators overflowing from the auction rooms.
“The strong attendance at our quarterly auction in Sydney is a clear indication of the continuing strength of the commercial property market,” said Matthew Meynell, Head of Investment Sales, Australia at Colliers International. “The fluctuating equities markets and weakening Australian dollar are continuing to drive Australian investors to the property market, both residential and commercial.”