Newtown servo site sells to local investor after auction, Darcy Jarman, Bonney Energy, Subway, Muzz Buzz, Tim Darcy, Caltex, United Petroleum

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A NEWTOWN service station will continue to pump gas for years to come to the post office auctioned.

Caltex, leased through Bonney Energy, has been pumping gasoline since the 1950s and has the lease agreement of

Darcy Jarman, Geelong West, sales agent Tim Darcy, said that a Geelong buyer bought the exemption property immediately after auction on friday.

The property was transferred to $ 1.3 million and sold at a higher unannounced price, he said.

"There was a mix of interested parties, both local and external," said Darcy.

"The buyer profile was a speculative investor / developer," he said.

But Mr. Darcy said the highest and best use of the site at least in the medium term was like a gas station, although it was an important development site with retail and commercial potential.

Subwa y and drive-through coffee take-out Muzz Buzz also holds rentals on parts of the site.

Mr. Darcy said that obstacles in remodeling with the site were remediation of the land, which was at least used as a gas station for 70 years, while the site was also zoned for residential purposes during the planning, not mixed use, which would allow for commercial development.

Market reviews for rentals are due in March 2019 to Bonney Energy in May 1919 for Muzz Buzz and September 2020 for metro.

The previous service station to sell in the area was the renewed United Petroleum leased center at 302-306 Aberdeen St, Manifold Heights.

The service center was sold with a 20-year lease with additional options for 2061 with the independent fuel dealer for $ 5.61 million in 2016.

Darcy said that the shorter lease agreements on Shannon Ave meant that buyers had one more measured approach at auction.

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