Square metres: Rise of electric vehicles boosts investor appetite for Perth petrol stations

Any suggestion that petrol stations were set to go the same way as video stores have be proved wrong, with the recent sale of two facilities to a leading syndicator.

The rise of electric vehicles, as well as the fledgling development of flying cars, have not killed investor appetite for petrol stations in Perth.

Burgess Rawson sold two service stations to property syndicator Baron Vanilla for $16.75 million.

The BV Service Centre Fund bought the petrol stations in Ravenswood and Newman. The fund is forecast to receive an initial cash return on equity of 7.25 per cent per annum, paid monthly.

The fund will remain open for future truck-stop and regional service station property acquisitions.

Miles Ashton, director of Baron Vanilla said the properties were selected because of their long leases to ASX listed blue-chip tenants — Viva Energy and Ampol.

“With a positive outlook, service stations offer highly necessary fuel and associated in-store convenience retailing,” he said.

Burgess Rawson agents Rob Selid and Chris Carcione claim the assets were desirable partly because of their defensive nature and the long-term leases.

Baron Vanilla has more than $165m in assets under management.

Perth Zoo’s redevelopment journey

WA company Crothers Construction will soon begin works on Perth Zoo’s new cafe and function centre, with completion due in the middle of next year.

The new cafe will be built within the zoo while a separate function centre will be built on the western boundary. The function centre will have its own entrance off Labouchere Road, for events, corporate functions, seminars and weddings.

The State Government provided $13.5m in funding.

“Our iconic zoo is on a redevelopment journey,” Environment Minister Reece Whitby said.

Parking not a problem

Parking — the bane of so many lives — is being spruiked as a non-issue in the sale of a Northbridge office at 190 and 192 Stirling Street.

Less than a kilometre from the centre of Perth’s CBD, the two-storey office at 190 Stirling Street derives 60 per cent of its $990,000 annual rental income from a State Government tenant.

The fully occupied 3221sqm property fronts three streets and adjoins a carpark site at 192 Stirling Street taking the total capacity of the combined sites to 80 cars.

Cygnet West’s Tory Packer and Wayne Lawrence are running the offers to purchase campaign, which closes on July 28.

Mr Lawrence said said it was an up-and-coming precinct that had been in developers’ focus for several years.

“190 Stirling Street appeals to tenants seeking high-quality office space close to the CBD and Northbridge, but without the parking issues that come with being located in the city centre.”

Ms Packer said current planning controls suggested the land could be developed to at least four storeys.

“The building will appeal to those looking for cash flow as well as those looking to add value in the future,” she said.

High density

An approved housing development in Como supports the area’s transition from a low and medium density area to high density. The approved plans for a $6.5m development features 10 residential homes across two lots.

The Metro Inner-South Joint Development Assessment Panel approved the plans on Friday from owner Tarkon Consultations and Musa Khan Investments.

According to a report included in the submission, the surrounding Como area was experiencing a transition from low to medium density to high density.

“It’s nicely designed . . . there’s a real need for this type of development . . . it’s a very good development and I’m enthusiastic about it,” third specialist JDAP member John Syme said.

The homes — which will be built across two sites at 124 Lockhart Street and 33A & 33B Edgecumbe Street — will each have four bedrooms, or three bedrooms and a guest accommodation with separate entry.

Only one tree will be retained on site, but the site includes 12 per cent deep soil landscaping.

New clubroom for Carine Cats

The Carine Cats Ball Club will soon get a modern facility, following a design and construction contract with Geared Constructions.

The existing kiosk and storage room in the northwestern corner of Carine Regional Open Space will be demolished and replaced with the new clubroom.

The club secured $300,000 from then-Stirling MP Vince Connelly in 2019 as an election commitment. The city has been working with the club to develop the concept, and will also contribute to costs.

Mayor Mark Irwin said the project would deliver a long overdue new facility suitable for the next decade of growth at the club.

The total project cost is $940,382 with works to start in July.

Affordability a talking point

National developer Urbex had broken into the WA market for the first time, releasing 27 blocks of land in Gosnells, with prices starting at $230,000.

The land is in a new 50-lot boutique residential estate — Homebrook — on the banks of the Canning River.

The City of Gosnells has seen a growth rate of 17.9 per cent over the past 12 months, with the latest CoreLogic figures (May 2022) showing Perth dwelling values are at a new record high, after almost eight years of decline and recovery.

General manager of Urbex Realty, Craig Covacich said Homebrook is expected to build on property price growth in the area which is about 25km from the Perth CBD.

“Gosnells is truly an extraordinary affordable suburb to live in and understandably attractive for buyers. It’s cosy, family-oriented and surrounded by nature, but it’s the affordability that has really been a talking point across the market,” Mr Covacich said.