A private investor has secured a Toowoomba service station for his portfolio with a $3.5 million price tag. The station, at 282 Ruthven St, is leased to Freedom Fuels. It was previously owned by Elfred Enterprises which is the responsible entity for the Ray White Invest Service Centre Trust.
Rick Bird, of Ray White Transact, negotiated the sale to Dennis Hughes Holdings. He said it was offered to the market with another service station at Withcott but that had not sold yet. ‘‘There was good interest in both of them but the one at Withcott, we did not get a satisfactory offer at this stage,’’ he said.
Mr Bird said the majority of potential buyers of the centres were from Queensland. He said there were a lot of people interested in owning service stations, many of them former operators who understood the business.
‘‘There is a lot of people that own a portfolio of 10, 20 and 30 service stations and they really concentrate on them,’’ he said.
‘‘Ray White Invest was interested in getting a service station portfolio and picked up some 12 throughout Australia and this (the Toowoomba station) is just one of that portfolio.’’
The freehold service station is leased to Freedom Fuels until May 2016. It is on the northern fringe of the Toowoomba CBD and includes a convenience store.
Mr Bird said it was a relatively new centre, having been built in August 2002. It currently attracts a net income of about $300,000. There are eight six-hose pumps and a dual LP gas dispenser.
Tags: Investment Portfolio, Investor, Ray White Invest Service Centre, Ray White Transact