Firm Sales

The love affair between property investors and the Bendigo region shows no sign of abating, following the multi-million dollar sale of a petrol station on Marong Road at an auction in Melbourne.

The United Petroleum station at the corner of Marong and Specimen Hill roads was sold by Burgess Rawson Melbourne for $6.35 million, reflecting a 5.47 per cent yield last Wednesday. It is one of a number of businesses or commercial properties that have sold recently, including the sales of Abbott Arcade for more than $3 million and the Bendigo Bank and ANZ buildings in Mitchell Street. Bendigo’s Hotel Shamrock business lease also sold recently. Burgess Rawson senior executive Matthew Wright said the petrol station buyer was a Melbourne-based investor.

“The investor had been looking for service stations for some time,” Mr Wright said. “We had multiple bidding parties which was pleasing.

“This site with its proximity and location, as well as its frontage to a main road, made it popular among investors. Also the fact it is one tenant across the site of United, the pizza shop and the car makes it a simple investment.”

Mr Wright said petrol stations were a sound investment in Australia for the foreseeable future.

“No doubt there has been some publicity surrounding emissions and stuff but it will be a long time before petrol stations end up being obsolete,” he said. “The good ones with the best property and location will always be popular.”