A Tarneit service centre with a KFC, 7-Eleven and Magic Carwash is up for sale.
Melbourne-based developers Strinzos Property Group and Dacland announced yesterday that the service centre, which includes seven individual food tenancies, has been placed on the market.
The centre, located at the corner of Derrimut and Dohertys roads, earns $972,000 from leases annually.
Stonebridge Property Group’s Justin Dowers, who is managing the expressions of interest campaign for the property with Rorey James and Kevin Tong, said the property’s owners “have chosen to market this property at a very opportune time”.
“If you can locate an asset that also offers a very strong lease profile including, arguably, recession-proof convenience centres, you jump on it,’’ Mr Dowers said.
He said the major growth occurring in the west would be very attractive to potential investors.
Mr James said: “This is one of the most strategically located convenience centres in the west of Melbourne given its significant corner exposure on both Derrimut and Dohertys Road.”
The service centre is located on a site measuring more than 10,000 square metres in size, which almost 34,200 vehicles travel past per day.
“The position will continue to benefit from greatly increased traffic flows as more and more residential houses are being developed in the area,” Mr James said.
He said the property’s rental income was estimated to grow 51 per cent across a 15-year “investment horizon”
Mr Tong said the Tarneit service centre was very similar to a convenience shopping centre, but with fixed increases in growth.
“Add that significant pent up demand to that of interstate investors, with borders opening up again soon, and we anticipate seeing very strong competition for the limited amount of stock available for the traditional pre-Christmas rush,’’ he said.
Details: stonebridge.com.au
