TWO service stations in East Albury and Jindera sold this week for a combined $7.2 million.
A BP branded service station next door to McDonalds and opposite Bunnings sold for $4.2 million and a 1366 square metre site leased to Westside Petroleum sold for $3 million.
The two businesses were sold by agents Burgess Rawson after its latest investment portfolio auction held in Melbourne this week to underly the continued investor demand for well-located petrol stations.
They were purchased by separate Melbourne-based investors with yields of 7.19 per cent and 7.95 per cent respectively.
The service station in Drome Street was a former carwash and redeveloped by Albury developer Travis Barker, who had sold it to a Melbourne buyer before the property was sold again this week.
It has a 15-year lease to BP and returns more than $302,000 in annual rent.
He also recently developed a service station at the entrance to the Corowa saleyards complex.
The Jindera service station has a Shell branding and presently returns $238,702 in annual rent.
It is leased to Westside, which is 50 per cent owned by Australia's largest fuel retailer Viva Energy until 2028, with a further 10 years of options.
Meanwhile, Burgess Rawson will auction the Dahlsens trade centre at Deniliquin on May 15.
The standalone property at 205-207 Barham Road, which has been occupied by Dahlsens for 27 years, has a secure 10-year lease, plus options to 2033.
It returns $92,472 per annum with annual rent reviews and is expected to sell for between $900,000 and $950,000.
The company which had its origins in East Gippsland arrived on the border in 1994 with the purchase of Wodonga Timber and Hardware.