- Advisory Services Completed for the Sale of GS Caltex’s Geonji Gas Station and HD Hyundai Oilbank’s Yangcheon Hyundai Self-Service Gas Station
- Demonstrates Unparalleled Position with Advisory Track Record for Gas Stations of All Three Major Domestic Oil Refiners, Including SK Energy
- Expanding Market Influence Through Expertise in Specialized Gas Station Assets and a One-Stop Integrated Advisory System
Cushman & Wakefield Korea, a global commercial real estate services firm, announced that it has successfully advised on the sale of two gas station assets located near Shin-Mokdong Station on Seoul Subway Line 9.
Cushman & Wakefield Korea had already established a unique position in this field approximately two years ago by securing advisory track records for the sale of gas stations for all three major domestic oil refiners (GS Caltex, HD Hyundai Oilbank, and SK Energy). By successfully completing the sale of these two properties near Shinmok-dong Station, Cushman & Wakefield Korea has once again demonstrated its solid standing in the gas station sale advisory market.
The assets sold in this transaction are the GS Caltex Geonji Gas Station, located at 121-4 Mok-dong, Yangcheon-gu, Seoul, and the HD Hyundai Oilbank-operated Yangcheon Hyundai Self-Service Gas Station, located at 123 Mok-dong. Both properties are situated in prime locations adjacent to the Han River and have attracted significant market interest not only for their potential as standalone gas stations but also for their potential for medium- to long-term redevelopment. (For reference, the Yangcheon Hyundai Self-Service Gas Station was sold as part of a package deal with the Nakdong-ro Gas Station, and Cushman & Wakefield Korea’s Corporate Solutions team directly advised on the sale of both properties.)
In this transaction, Cushman & Wakefield Korea served as the sales advisor for the gas stations owned by GS Caltex and, separately, for the HD Hyundai Oilbank gas stations owned by Koramco Life Infrastructure REIT. In this transaction, in which a single advisory firm handled the sale of gas stations under different oil company brands, Cushman & Wakefield Korea’s Corporate Solutions team comprehensively assessed the locations and investment demand for the two assets within the same region, leading effective marketing and negotiations while ensuring the independence and confidentiality of each transaction.
Cushman & Wakefield Korea has established itself as the only real estate advisory firm to have advised on the sale of gas stations for all three major domestic oil refiners, having successfully completed the sale of SK Energy gas stations previously held by SK REIT Management. Since then, the firm has continued to steadily strengthen its expertise in advising on gas station sales. Gas station assets involve numerous special considerations - such as soil environmental surveys, lease agreements and vacating the premises, permits and approvals, demolition of existing facilities, and road occupancy—unlike general commercial real estate. As a result, sophisticated asset analysis and proactive risk management are key factors. Reflecting these unique characteristics, the Corporate Solutions Team at Cushman & Wakefield Korea has applied a sophisticated advisory process that proactively assesses risks from the earliest stages of a transaction.
Recently, gas stations are increasingly being utilized as development assets with the potential to be converted into various uses - such as residential, commercial, and logistics facilities - rather than simply being operated as real estate. In response, the Corporate Solutions Team at Cushman & Wakefield Korea provides integrated services ranging from advisory on the purchase and sale of gas stations to feasibility studies, the formulation of development concepts, the identification of investors and developers, and the coordination of experts in appraisal, legal, and architectural fields, all the way through to transaction closing.
Cushman & Wakefield Korea is enhancing its services through a one-stop advisory system that brings together experts from various fields, including licensed real estate brokers, architects, appraisers, and attorneys. Through this system, the company plans to provide close, comprehensive advisory services—from the asset identification stage through permit review, development strategy formulation, and final transaction closing—to companies and developers reviewing gas station site acquisitions and development projects.
