Servo sold at auction to Gold Coast buyer

A Toowoomba service station has sold at auction to a Gold Coast investor for more than $4 million, with the agency in charge calling it an example of a ‘desired asset; in the market.

Burgess Rawson confirmed the sale of the 7-eleven on Perth St in Rangeville, with the buyer snapping up the property for $4.25 million at a yield of 6.7 per cent.

Burgess Rawson associate director Doug Doyle said the listing attracted more than 80 enquiries from three states.

He said the COVID-19 pandemic had made essential service properties highly desirable for investors looking for stable assets.

“Service stations are one of the most desired assets in the market right now,” Mr Doyle said.

“Although 85 Perth Street sold for what is considered a high yield for service station, this was because the property also included two smaller retail tenancies on short term leases that don’t provide the financial security which investors are ultimately buying.

“Single-tenanted service station assets are in high demand and are generally selling for sub six per cent yield.”

By Tom Gillespie, Toowoomba Chronicle