283-285 STATION ROAD, DEER PARK

Vinci Carbone Property has auctioned off a petrol station located at 283-285 Station Road, Deer Park, for $2,205,000. The sale price was some 15 per cent above the vendors' reserve price expectations and reflected a yield of 7 per cent. Leased to United Petroleum on a 10 year lease commencing August 2008, in a prominent position adjoining the Brimbank Central Shopping Centre, the site provides a fairly substantial rental income of around $156,461 per annum plus outgoings, with fixed annual rental growth. The land size was approximated at 3,488 square metres, zoned Residential 1. The agents say that the auction was well attended, with active participation from four bidders. The marketing campaign generated some 50 enquiries, which they say providing further evidence of the depth and strength of the private sector in this price range.