Tassie servos fetch $9m

Two Tasmanian service stations sold to separate investors late last year.

At Newnham, a northern suburb of Launceston, 7 George Town Road, on 1988 square metres, fetched $4.925 million reflecting a 5.99 per cent net passing yield.

In Devonport meanwhile, 89 Best St, a 1834 sqm holding, collected $3.975m – a 5.9pc return.

Both are leased to United Petroleum on leases expiring in the mid-2030s, with 20-year options.

Being recently updated, they also offer their incoming owners depreciation benefits.

“The tenant also owns and maintains all aspects of the fuel tanks plus equipment making these even more appealing to investors.” Burgess Rawson’s Rick Jacobson, who marketed the properties with Jamie Perlinger and Matthew Wright, with Knight Frank’s Nicholas Bond said.