The Gibb Group Property Services' Josh Weaver at the new United Petroleum station following its construction in January. The Gibb Group developed the property.
The Gibb Group Property Services' Josh Weaver at the new United Petroleum station following its construction in January. The Gibb Group developed the property. Jann Houley

New Rockhampton servo sells for almost $5m

THE brand new United Service Station on Albert St in Rockhampton sold yesterday immediately after auction for $4.7 million to an interstate buyer.

The Melbourne-based investor, who already owns a United Petroleum station in regional Victoria, made the successful offer after visiting Rockhampton and the Capricorn Coast earlier this week.

National firm Burgess Rawson conducted the sale and its agent Adam Thomas said the 6.7 per cent capitalisation rate on a net income of $304,289 was about right for this type of high-quality property.

"The buyer is familiar with the tenant (United Petroleum) and spent the last two days in Rockhampton and Yeppoon and various places to look at the local area,” Mr Thomas said. "You couldn't buy that down in Melbourne for that capitalisation rate. It would be lower 6s, Ballarat and Bendigo would be 6.15 per cent, 6.25 per cent. Your experienced, sophisticated investor goes interstate to chase the yield.”

The sale provides further evidence that investor confidence is strengthening in the Rockhampton region.

Mr Thomas said Rockhampton and Toowoomba were his two favourite regional centres in Queensland.

"What I love about Rocky and Toowoomba is that they're not resource centric like the Mackays and Gladstones and not tourism-centric as the (Sunshine) Coast and Cairns. Strong economies, food security. Both Rocky and Toowoomba tick the boxes.”

Mr Thomas said they had also sold a number of childcare centres in Rockhampton including ones located in Frenchville and Berserker.

United Service Station, Albert St.

186 sqm service station with 560 sqm canopy and on-grade parking for

approximately 9 vehicles.

2,018 sqm high exposure corner site, with frontage to Bruce Highway

Estimated 34,000+ vehicles passing per day.

Entry/exit driveways on two streets providing easy access for southbound

travellers on the Bruce Highway.

Two brand new 70,000 litre petrol/diesel underground, double wall

fuel storage tanks with 30 year warranty.