Adelaide servos fetch $25m for Shahin family
The Shahin family’s Peregrine Corporation, behind the OTR brand, has sold three Viva Energy backed service stations for $24.645 million – a blended 5.5 per cent net passing yield.
In the priciest deal, 561-567 Port Road, West Croydon (pictured, top), collected $13.8 million.
Leased with options to the anchor until 2077, there are also three retail tenancies – rented to Subway, Krispy Kreme and a telecommunications group.
Nine offers came in following an expressions of interest campaign.
Meanwhile, a servo at Main South Road, Darlington, fetched $6.015m.
Leased to Viva until 2040 (or 2075 with options), it also includes a Subway. On 4245 square metres, there is a car wash too.
The third asset, 287 Kensington Rd, Marryatville, traded for $4.88m (story continues below).
With options, the anchor can stay until 2074.
Burgess Rawson’s Raoul Holderhead, who represented Peregrine with Jamie Perlinger, said “the triple net lease structure was particularly attractive, as it transfers all outgoings, maintenance and insurance obligations to the tenant, reducing management costs and ensuring a stable income stream for the new owner”.
Being in South Australia, the assets also attracted no stamp duty.
Adelaide-based Peregrine, which sold OTR to Viva in 2023, will tip proceeds into other projects.
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