Car wash snapped up by keen investor

AN investor has cleaned up after buying a car wash in Townsville’s outer north western suburbs.

They paid $2.05m for the Northshore Car Wash, (pictured) on Nexus Drive, Burell, opposite Bunnings.

Burgess Rawson’s Doug Doyle said the property attracted significant interest as soon as the marketing campaign was launched in early March.

“In the first week of marketing the property we were inundated with inquiry and had two very strong offers to purchase which resulted in us achieving a premium yield of 5.6 per cent,” he said.

The car wash has a new 15- year lease to 2036 plus options to 2056. It is only 13km from Townsville’s CBD, on a 2019sq m site and it was built in 2019.

Mr Doyle said the campaign generated more than 40 serious inquiries.

“Convenient type assets in growth locations, such as this Northshore Car Wash, that have long leases are very rare and therefore when they do come to market the demand is very high,” he said.

SOURCE: Courier Mail