Auction: How this servo sale is ‘future-proofed’ for buyers
No.34 William St, Devonport. Picture: Supplied
The chance to buy this type of asset is a rarity.
Its lead agent said he had not sold one like it in many years.
No.34 William St, Devonport is the home of a 24-hour Caltex Service Centre and the William Street Laundromat.
Senior negotiator at Burgess Rawson from CBRE, Rick Jacobson, said a 24-hour self-serve service station is “ultra rare”.
“It’s the first one that I have sold in six years of selling these sites,” he said.
“This attractive site offers a brand new 10-year triple-net lease to the service station operator, and also a net lease to a laundromat.”
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No.34 William St, Devonport.
The self-serve petrol station’s lease includes two five-year options, taking it through til 2045.
The laundromat has a five-year lease to 2030, plus a further five years.
Roo Petroleum (trading as Caltex) is an established operator with a growing national footprint that includes eight sites across Tasmania, Victoria, and New South Wales, plus three new sites in development within 24 months.
The tenant, at their own expense, intends to construct a truck filling point, EV charging station, and car wash.
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Burgess Rawson from CBRE sales executive George Wilkinson said the truck filling stations and EV charging infrastructure future-proofs the site and captures a broader market beyond traditional passenger vehicles.
“It positions this site to serve the full spectrum of commercial and consumer transportation needs,” he said.
No.34 William St, Devonport.
The property has also recently undergone a $1.3m upgrade, featuring full site remediation, installation of state‑of‑the‑art fibreglass tanks and lines, new fuel pumps, and Tas Petroleum’s advanced 24/7 payment technology.
The laundromat has been in operation at this site since 2008.
This minimal-management tenancy is a strong drawcard, boosting vehicular traffic and enhancing the site’s overall appeal.
It operates seven days per week.
No.34 William St, Devonport.
The asset has Local Business zoning, a 1827sq m site, 36m of frontage and proximity to IGA, Belle Esca, and TasTAFE.
In October, a United Petroleum asset in Shearwater was one of the stars of that month’s Portfolio Auction, selling under the hammer for $3.745m at a 5.28 per cent yield.
Mr Wilkinson said the October result — with six registered bidders and a battle to secure the asset — shows that there is strong investor demand for fuel assets in Tasmania.
No.34 William St, Devonport is for sale by Investment Portfolio Auction, December 10 at the Crown Casino, Melbourne.
