Image: The Caltex in Yokine, WA. (Source: Supplied)<\/p>\n
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A Caltex service station in Perth\u2019s inner north, that is currently leased to Chevron Australia on a 15-year net lease, has been listed for sale.<\/p>\n
The site at 398 Hector Street, Yokine, is situated on a 2,177sqm site about 5.3 kilometres north of the Perth CBD, the property has a 93-metre dual frontage to Hector Street and Flinders Street and exposure to more than 20,000 passing vehicles each week.<\/p>\n
The lease to Chevron Australia runs until 2034, with annual CPI-linked rent increases and a ratchet clause preventing rent reductions. A market rent review is scheduled for March 2029.<\/p>\n
The tenant is responsible for all outgoings, including rates, insurance and land tax, generating a reported net income of $379,686 per annum plus GST.<\/p>\n
The property is being marketed by CBRE agents Lachlan Andrew and Beau Coulter alongside Sterling Property\u2019s Jack Bradshaw. The listing agents said the property also offered future development potential because of its location within the City of Stirling.<\/p>\n
Andrew said investor demand for long-term leased assets remained strong.<\/p>\n
\u201cAssets underpinned by blue-chip tenants on long-term net leases remain among the most sought-after in the current market.\u201d<\/p>\n
The listing comes amid continued growth in Perth\u2019s residential property market. According to the sales campaign, median house prices in Yokine have risen 21.4 per cent over the past year to $1.22m.<\/p>\n