Melbourne investor buys up new Hoppy’s Carwash in Pimpama in $2.245M deal

A Melbourne investor has cleaned up the competition, adding a new Pimpama carwash to his portfolio in a $2.245 million deal.

A MELBOURNE investor has cleaned up the competition, adding a new Pimpama carwash to his portfolio in a $2.245 million deal.

The 27 Dixon Drive property was sold by an entity linked to construction company ADCO, which also developed the United Fuel station adjacent to the carwash sold for $16.35 million last year.

The Hoppy’s Carwash was recently constructed on a 1325sq m site and returns $130,500 net per year plus GST.

It has been sold with a new 10-year lease in place with a 10-year option.

The Hoppy's Carwash at 27 Dixon Drive, Pimpama.

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The sale reflects a yield of 5.8 per cent. Hoppy’s is a business chain owned by former Test cricketer Ian Healy and rugby league great Chris Johns.

Burgess Rawson agent Glenn Conridge, who marketed the property, which was taken to auction last month, said it attracted strong interest from investors.

“Hoppy’s Carwash is growing to become a household name, now operating 10 outlets across Brisbane and the Gold Coast,” he said.

“You couldn’t have asked for a better location and that’s definitely what interested eager buyers wanting to add that ‘set and forget’ property to their portfolio that ticked all the boxes.

“There are a number of popular food outlets adjoining the car wash and directly opposite you have Woolworths, BWS and McDonald’s, not to mention the new tavern that is expected to open its doors this year.”

Raoul Holderhead from the Burgess Rawson Melbourne office also assisted with the sale.