Dexus Offloads Old Servos to Fund New Ones

Dexus, as manager for the Convenience Retail REIT (DXC), has sold two older style Queensland service stations with plans to tip proceeds into buying new ones.

North of Brisbane, the group will bank $4.31 million – 3.9 per cent over its last book value – for 273-279 Gympie Road, Kedron. In Bundaberg West meanwhile, the fund has reaped $2.57m – a 6.2pc rise on the most recent valuation – for 10 Takalvan Street, at the V-intersection of Woongarra. Both assets trade as Puma Energy and are leased, with options, to Chevron, until 2074. The two properties sold following the same bulk auction portfolio event too, held by Burgess Rawson in March; Campbell Bowers and Peter Uebergang from the Brisbane office with Matthew Wright and Rick Jacobson in Melbourne, were the agents. Also two months ago, DXC acquired the Glasshouse Mountains service station, near Caloundra, which includes a vacant tract it will co-develop with De Luca Corporation (story continues below).