Ex-Hot Tomato owner Hans Torv snaps up Carrara petrol station for $7.9M

This former radio station owner is the new owner of a 7/11 service station centre in Carrara bought for $7.9M.

CASHED-UP ex-Hot Tomato owner Hans Torv has fuelled up his property portfolio with the purchase of a 7/11-anchored service station centre in Carrara for $7.9 million.

The sale of the 2 Elysium Rd property by Selburn Pty Ltd, linked to Melbourne investors Karim and Nafiz Issa, reflects a yield of 6.9 per cent.

Mr Torv said he purchased the property because it presents and is managed well by RM Realty, based in Emerald Lakes.

“Our intention is business as usual and we will employ them to continue to maintain the property,” he said.

Former Hot Tomato owner Hans Torv is the new owner of a service station centre in Carrara. Photo: Steve Holland

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Mr Torv said the commercial property market is all about the hunt for yield.

“Everyone is chasing yield. People are looking for places to park cash because interest rates are so low.”

The purchase of 2 Elysium Rd, through his company Torv Investments Pty Ltd, adds to Mr Torv’s assets, which include the Hot Tomato base at 60 High St in Southport.

Mr Torv sold Hot Tomato in November last year to Grant Broadcasters Pty Ltd, which owns a portfolio of stations from Brisbane’s western Corridor right up to Cairns. The sale price was not disclosed although it has been reported to be about $30 million.

Ray White Commercial Gold Coast’s Ryan Langham, who negotiated the deal for 2 Elysium Rd, said it was an offmarket transaction.

This service station centre property at 2 Elysium Rd, Carrara, has sold.

102.9 HOT TOMATO SOLD TO GRANT BROADCASTERS

He said there is a strong appetite for well presented assets with strong lease covenants from investors seeking “set and forget” opportunities with value-add options.

“The purchaser saw value in the future expansion of the area with long-term growth options and a strong performing business environment,” he said.

Tenants apart from 7/11, which has a lease running through to 2029, include Subway, bakery, sushi restaurant, ATM and an Indian restaurant.

The net lettable area is 413sq m and net income is about $515,000 per year.