Investor demand for convenience retail and fuel assets remains strong, with Shell Wanneroo selling for $4.2 million after more than three decades of ownership.
The prominent service station investment at 621 Wanneroo Road, Wanneroo was sold following a competitive campaign managed by Colliers' Aidan Austen, Senior Executive | Investment Services and Richard Cash, State Chief Executive | Western Australia, attracting strong interest from both local and interstate private investors.
The property occupies a high-profile corner landholding of almost 3,000 square metres and is leased to Shell Reddy Express, operating as a 24-hour fuel and convenience retail outlet.
The transaction contributes to more than $34 million in Western Australian service station and convenience retail investment sales completed by Colliers this year, reflecting continued demand for defensive, income-producing assets backed by national operators.
Aidan Austen said investors continued to favour convenience retail investments due to their resilient trading performance and secure income streams.
"Despite ongoing market volatility, investors remain highly attracted to service station and convenience retail assets given their essential-service nature, strong tenant covenant and long-term income characteristics," Mr Austen said.
"The fact this property was held by the same owner for more than 30 years generated significant interest, particularly from investors seeking tightly held assets with proven performance and underlying land value."
Situated on one of Perth's key northern arterial routes, the property benefits from significant daily passing traffic and exposure within Wanneroo's established residential and commercial catchment.
Richard Cash said the result underscored continued competition for quality metropolitan fuel and convenience investments.
"There remains a shortage of securely leased service station assets available for purchase in Western Australia, while buyer demand continues to grow," Mr Cash said.
"We continue to see private investors targeting assets with strong underlying landholdings, national tenants and strategic metropolitan locations. That competition is supporting values across the sector."
The sale highlights the ongoing strength of the convenience retail investment market, with fuel and convenience assets increasingly sought after for their defensive income profile and long-term land value fundamentals.
