Caltex Service Station Site Sold at Auction for $2,981,000
A service station investment at Woy Woy on the NSW Central Coast with a head lease to Caltex Australia has been sold at auction by Ray White Commercial NSW for $2,981,000.
The site at 62-68 Memorial Avenue, Woy Woy, was sold under the hammer to a private investor by Michael Ajaka and Nic George of Ray White Commercial NSW on behalf of a private owner for a yield of 8.1 per cent net.
Michael Ajaka said the marketing campaign for the service station with a convenience store and car wash attracted strong interest with four bidders at the in-room auction.
“This investment opportunity anchored by the long term lease to Caltex Petroleum in a strong performing location was highly sought after,” he said.
“There is a lease in place until 2023 with three 5 year options available. Caltex maintains the site, tanks and remediation as per lease and the net rent is approximately $243,688 per annum.”
Nic George said the service station is located on one of Woy Woy’s main thoroughfares.
“Positioned approximately five minutes’ drive from the Woy Woy town centre, this site offered investors an exceptional opportunity to purchase a premium investment,” he said.
Woy Woy is a coastal town and a southern suburb of the Central Coast approximately 80km north of Sydney and 13.5km south of Gosford.