Two Tassie fuel outlets snapped up by private investors
SEPARATE private investors have splashed millions on two United Petroleum fuel and convenience retail outlets in Tasmania.
The United Petroleum site at No.7 George Town Rd, Launceston has been sold for $4.925m while the United Petroleum at No.89 Best St, Devonport fetched $3.975m.
The deals were brokered by Burgess Rawson’s Rick Jacobson, Jamie Perlinger and Matthew
Wright in conjunction with Knight Frank’s Nicholas Bond, David Webster and Clinton O’Keefe.
Knight Frank director, Mr Bond, said investors from around the country have continued to deploy capital into Northern Tasmania.
“Stable underlying market fundamentals combined with significant infrastructure projects underway in the North and North West have been the catalyst for continued investor interest and confidence,” he said.
Burgess Rawson sales executive, Mr Jacobson, described United Petroleum as a “top tier tenant” and one of Australia’s largest and fastest growing independent fuel retailers with more than 465 sites nationally.
“The tenant also owns and maintains all aspects of the fuel tanks plus equipment making
these even more appealing to investors,” he said.
Both properties sold on yields of about 5.9 per cent.
The Launceston asset consists of a high-profile site of 1998sq m and is leased on a
20-year triple net lease to 2036 with options to 2056.
The 1834sq m Devonport property is leased until 2034 with options for a further 20 years.
Both properties offered substantial depreciation benefits.