Peregrine Corporation, one of Australia’s top 500 privately owned companies, has successfully finalised the sale of a premium portfolio of freehold convenience retail outlets in South Australia, achieving a combined result of $24.645 million with an average yield of 5.5%.
The portfolio, exclusively managed by Burgess Rawson’s Jamie Perlinger and Raoul Holderhead, included high-performing assets strategically positioned in key South Australian markets. Each property featured secure, long-term leases with industry-leading tenants, making them attractive to investors seeking stable, low-risk opportunities in a resilient sector.
The standout asset in the portfolio was a $13.8 million transaction located on Port Road, West Croydon. The property featured a state-of-the-art Viva Energy service station, secured by a triple net head lease extending for 18 years with options through to 2077. Complementary occupancies include Subway, a Krispy Kreme retail outlet and production facility, and a telecommunications retailer.
Mr Holderhead said the level of enquiry was exceptional, with 326 overall enquiries and 16 registered buyers. The West Croydon asset alone attracted significant interest, receiving nine individual offers during the Expressions of Interest campaign. These results highlight the strength of South Australia’s convenience retail market and the ongoing appeal of assets with secure, long-term income streams.”
Mr Holderhead said the triple net lease structure was particularly attractive, as it transfers all outgoings, maintenance, and insurance obligations to the tenant, reducing management costs and ensuring a stable income stream for the new owner.
“Being South Australian assets, there is no stamp duty payable on the purchase. This combined with a triple net lease means that the buyers will receive an attractive yield,” he said.
Other key assets in the portfolio included the Kensington Road, Marryatville site, which sold for $4.88 million and is leased to Viva Energy for 15 years with options extending to 2074. Additionally, the Main South Road, Darlington property was purchased for $6.015 million, offering a 16-year lease to Viva Energy, alongside Subway and a car wash, all on a substantial 4245sqm site.
Peregrine Corporation CFO Michael Dodd said that the sale of these assets was in line with the company’s strategy to reallocate capital into new ventures.
“South Australia’s commercial property market remains strong, bolstered by initiatives such as the removal of stamp duty, which continues to drive investor interest,” Mr Dodd said.
Mr Perlinger noted the increasing demand for convenience retail investments, commenting, “These assets offer a combination of strong tenancies, prime locations, and secure leases, making them highly sought after in today’s competitive market.”
Peregrine Corporation, headquartered in Adelaide, is widely recognised for its successful OTR brand, which was sold to Viva Energy in 2023.
