Viva Energy REIT Acquires Shell/Coles Express Site for $7 Million
Viva Energy REIT has acquired a large truck stop site at Halfway Creek, approximately 70km north west of Coffs Harbour on the mid north coast of NSW, in a deal worth $7 million.
The Shell/Coles Express site at 4979 Pacific Highway, Halfway Creek, was sold in an off-market transaction by Luke Wray from Ray White Industrial Milton on behalf of a private investor to Viva Energy REIT for a yield of about 7.5 per cent.
Luke Wray said he originally had a Brisbane based investment firm interested in acquiring the site, but then started discussions with Viva Energy REIT which ultimately led to the sale.
“The large site sits on more than 6ha of land, so there is certainly the opportunity for further development down the track,” he said.
“Viva Energy REIT has acquired several sites in the past six months as detailed to the ASX.”
Viva Energy REIT is Australia’s only listed REIT owning solely service station properties with a high-quality $2 billion portfolio of 429 service stations across all Australian states and territories.
Viva Energy REIT’s strategy is to maximize the long-term income and capital returns from its ownership of the portfolio for the benefit of all security holders.
Acquisition of the Halfway Creek service station site is in line with Viva Energy REIT’s strategy.
Viva Energy REIT, which owns assets leased to Shell/Coles Express, debuted on the ASX in August, 2016.