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News release

SYDNEY

Pricing record achieved for Woolworths Caltex service station with $9.4 million deal


​A Caltex service station in North Western Sydney suburb of Kellyville has sold for $9.4 million to a private family. JLL believes the price achieved represents a new record for the sale of a freestanding service station in NSW since March 2011. 

According to market sales tracked by JLL during this time frame, transactions at the higher end of the pricing spectrum in this period have ranged between $6 million and $7 million.

JLL’s Manager, Metropolitan Sales and Investments – NSW , Dylan McEvoy said, “Quality investments leased to listed companies remain in strong demand among investor groups. This was a particularly strong offering for buyers given its strategic position on one of Sydney’s busiest roads in North West Growth corridor, coupled with a top tier tenant. The record sale price equates to a yield of approximately 5%. Considering the quantum value of the property, this is an extremely strong result.”

JLL’s Director, Retail Investments – Victoria , Stuart Taylor said, “The pricing achieved in this sale reflects the continued trend of yield compression in this asset class. Investors continue to be attracted to petrol station investments due to the strong lease covenants, long Weighted Average Lease Expiries and substantial land content that such properties offer.”

The 2,634 square metre property located at 662 Windsor Road, Kellyville generated enquiries from purchaser groups including interstate investors, local private investors and syndicates. The property is leased to Woolworths Limited under a new 12-year net lease with two five-year options.  

The property was sold on behalf of Pioneer House Pty Ltd at auction by Mr McEvoy and Mr Taylor.