SOLD: Heathwood Service Centre, Heathwood, QLD
Sam Hatcher and Jacob Swan of JLL have sold Heathwood Service Centre in an off market transaction to a Private Investor for a sale price of $16,900,000. Heathwood Service Centre was sold on behalf of Bluepoint Property, reflecting a passing initial yield of 6.15%.
Heathwood Service Centre is a newly developed, fully leased Service Centre anchored by a long term lease to 7-Eleven service station and supported by 10 specialty tenants including the national brands of Zaraffa’s Coffee, Cold Rock, BWS, Zambrero and Oporto – all on net leases.
The Service Centre benefits from a strategic location on the corner of Wadeville Street and Staplyton Road, two major road thoroughfares through the region, providing exposure to high volumes of traffic. The Centre offers outstanding long term income security with a WALE of 12.8 years and almost 90% of total rent attributed to tenants on 10 or 15 year leases.
Sam Hatcher said “we, are continuing to see strong demand for fuel and convenience based offerings underpinned by long term, net leases, with fixed annual reviews. The market for this asset class remains incredibly buoyant.”
JLL’s Jacob Swan said "service centres have become a very tight sub-sector and are being actively traded across Australia. The high demand has been driven by private investors and self-managed superfunds actively seeking to purchase assets with secure long term cash flow that require limited management.”
Mr Hatcher said “we anticipate continued appetite from local and interstate buyers as demand continues to heighten for best in class, secure assets."