Prominent Melbourne based developer Sandhurst Retail & Logistics (SRL) will test the market with the sale of a brand-new BP service station located in booming northern suburbs of Melbourne.

JLL’s Stuart Taylor, Jarrod Herscu, Tom Noonan and MingXuan Li, have been appointed to handle the Public Expressions of Interest (EOI) campaign which closes on Wednesday 26th October 2022.

The brand-new BP service station occupies a prime site on Craigieburn Road East and forms part of a significant convenience retail precinct comprising McDonald’s and KFC. The asset is positioned at the entrance of Villawood’s Rathdowne residential development in one of Victoria’s fastest-growing regions Wollert, 26km north of Melbourne’s CBD.

Wollert forms part of the greater City of Whittlesea region and is experiencing unprecedented growth with a projected population increase of 33,761 people reflecting a percentage increase of 1192.16%, from 2022 to 2041. Additionally, the surrounding city of Whittlesea has a forecast population increase of 139,300 people in the next 20 years (55.92% growth) to a total of 388,417 in 2041.

BP Wollert provides investors with an attractive 15-year lease to BP Australia Pty Ltd. Completed in late 2021, the brand-new build comprises the latest and greatest BP offering including a substantial convenience retail store and provides investors with significant depreciation benefits.

JLL Senior Executive Jarrod Herscu said: “This is the first time a brand-new service station leased to BP Australia has hit the Melbourne Metropolitan market within the last 5 years. We expect the asset to receive significant market interest, driven by the combination of security of income provided by a AAA lease covenant and the significant land holding in a major growth location.”

“Service station investments continue to be in high demand and hotly contested by the private investor and self-managed-super-fund market. These investor groups are attracted to the retail asset class due not only the quality of the lease covenants, but also the fixed rental review structure and long initial lease terms that these properties offer” Mr Herscu added.

To request a copy of the Information Memorandum please contact one of the marketing agents JLL’s Stuart Taylor, Jarrod Herscu, Tom Noonan and MingXuan Li, via the contact details below.