New Delacombe BP hits the market

ONE of Ballarat’s newest retail spaces, the recently completed Delacombe BP service station on the corner of the Glenelg Highway and Whiltshire Lane, is on the market.

The 5000 square meter site includes the service station as well as two other retail spaces.

Rorey James, director of strip retail investments at CBRE, the agents handling the sale, said the freshly minted facility offered great opportunity and the current pandemic hadn’t dampened a willingness to sell.

“The campaign has started well despite the challenges out there with COVID 19,” he said.

“Buyers are attracted to the covenant and lease term along with the location and forecasted population over the next 15 years.”

The area around the site is booming, with Delacombe Town Centre growing every day including the recently opened Dan Murphy’s liquor store directly opposite the service station.

Other developments in the area include Bunnings Warehouse diagonally across from the site which began operating late last year and at 24-hour McDonalds franchise right next to the BP.

Several housing estates are either planed or well underway in the area as well, including the Winterfield development that backs onto the BP.

It’s also only one of four petrol stations along the Glenelg Highway between the intersection with Whiltshire Lane and Lake Bolac, nearly 100 kilometres away.

CBRE representative Kevin Tong said the BP service station presented many opportunities.

“It ticks a lot of boxes for passive investors being leased to the head company, BP, for 15 years and all the outgoings paid by the tenant,” he said.

“Buyers can enjoy a secure income stream, whilst seeing it also grow by a fixed 2.5 per cent every year.”

The site is being sold via international expression of interest, which is set to close on 20 May.