Miranda Service Station An Investment Triple Threat
Mon March 06, 2017
March 6, 2017: Laing+Simmons Randwick Principal Alex Udler has just listed one of the rarest investment opportunities ever to be offered in Miranda, with three properties including a Caltex service station offered for sale in one line.
Mr Udler expects the three properties – at 455 Kingsway, 335 and 337 Port Hacking Road in Miranda – to fetch around $8 million and show a circa 6% yield.
The Caltex service station at 455 Kingsway comes with the security of a 15 year lease to Woolworths Limited, which has recently renewed for a further five years with options through to 2032.
The site area is 860 square metres and the lease is structured with annual rental increases, making it a prime investment candidate.
The property at 335 Port Hacking Road features an over-sized house with two street frontages. Occupying a 670 square metre site, it represents a significant development opportunity (STCA).
Adjacent at 337 Port Hacking Road is a huge three storey workshop on a 550 square metre site. This property has an approved DA in place for a four bedroom residence above the workshop, providing another point of difference for this rare sales campaign.
All up, buyers can secure the three properties and amalgamate a 2080 square metre site in one of the most high profile positions in Miranda, on major roadways with over 40,000 cars passing by each day.
But it’s the live-in, development and even business ownership options that will broaden the appeal of the properties, Mr Udler said.
“The rarity of three properties becoming available in one line, combined with the prime position of the site, makes it a compelling proposition for developers, private investors, syndicates and even oil companies,” Mr Udler said.
“The long term service station lease to a blue-chip tenant underlines the investment potential while the expansive site presents an array of future development alternatives,” he said.
The workshop at 337 Port Hacking Road up until recently operated as a family business with the operator and vendor of the three properties making the decision to retire to the country.
Alex Udler Stephen Naylor
Principal Account Director
Laing+Simmons Randwick Wise McBaron Communication
(02) 8188 1111 (02) 9279 4770