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Australian wash purchased for record price

MELBOURNE, AUSTRALIA — A developer and operator received a record payout, believed to be around $4 million, for a widely regarded eight-bay carwash site.

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MELBOURNE, AUSTRALIA — A veteran carwash developer and operator here has sold two of his carwash locations in the last sixty days, according to an email sent to the PC&D editorial team.

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The May 8 message said Leon Buchanan sold a long-held eight bay wash for a record price, believed to be around $4 million (AUS). The second location sold was a lease hold carwash adjoining a newly branded BP service station.

Business Brokers Michael Ahmad and Weisen Yang brokered the off-market sale of the eight bay carwash. This wash, Crystal Creek Carwash, is widely regarded as one of the best presented and performing carwash operations in the state.

In 2007, Buchanan set an industry record by selling interests in two full-service sites for a reported $10.5 million (AUS).

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