Amplify Funds Management via its Fuel and Convenience Trust has made its first venture into the fuel and convenience asset sector in Queensland, acquiring a portfolio of six Queensland regional assets for $25.74 million.
The properties are leased with a 9.6 year WALE to Chevron. They are all high volume sites in either strong highway locations, industrial re-fueling sites or in strong rural economies.
The portfolio establishes Amplify Funds' presence in high-performing regional hubs across the state, including the following 5 Caltex branded sites and one Puma branded site in Gin Gin which Chevron propose to be rebadged to Caltex in 2025:
- Caltex Atherton (49 Tolga Road, Atherton QLD 4883)
- Caltex Banana (100/22 Nicholson Street, Banana QLD 4702)
- Caltex Bohle / Townsville (900 Ingham Road, Bohle QLD 4818)
- Caltex Nambour (921 Nambour Connection Road Nambour QLD 4560)
- Caltex Portsmith / Cairns (102-104 Cook Street, Portsmith QLD)
- Puma Gin Gin (2 Mulgrave Street, Gin Gin QLD 4671)
The newly acquired portfolio, featuring strong tenancy covenants and well-located assets in both regional and metropolitan areas, underscores the appeal of high-quality convenience retail investments and solidifies Amplify Funds’ position in Queensland’s burgeoning market.
Peter Rossi, Chief Investment Officer of Amplify said “these assets satisfy our philosophy of aiming to provide our investors with the best opportunity of Capital Preservation, Secure and Predictable incomes from world class tenants and Capital Growth. We have been well supported by Investors from Regional Queensland who understand the inelasticity of fuel demands in country areas, far from urban EV influenced fuel economies.”
The deal was brokered by Cushman & Wakefield’s Daniel Cullinane and Daniel Wolman.
Daniel Wolman, International Director & Co-Head Investment Sales, Victoria at Cushman & Wakefield, said “This acquisition reflects the continued strength and resilience of the portfolio style fuel and convenience sector. We are seeing this trend occur towards the back end of the year as the market anticipates favorable economic conditions with potential interest rate cuts on the horizon.
“Amplify Funds Management has capitalised on a rare opportunity to secure long-term income stability through high volume, essential service assets in strong regional locations.”
Daniel Cullinane, Head of National Investment Sales at Cushman & Wakefield, added, “Demand for convenience retail assets remains robust due to their classification as essential services, which ensures stable, secure income streams for investors.
“Queensland’s investment landscape is particularly appealing, bolstered by recent government initiatives and global attention as we look ahead to the 2032 Olympics. This sale highlights Queensland’s emergence as an investment destination of choice.”