Yes - would agree with you. Glasshouse has been on the cards for...

Yes - would agree with you. Glasshouse has been on the cards for a number of years now - it is not a new deal.

I see some positives coming out of this... if the yield on construction is 6% for a highway asset. I interpret that as a margin of safety on the current portfolio valuation, as it is valued BELOW replacement cost. If this assets was constructed at 10% yield... that would be a real issue for convenience retail australia wide... as there would be a speight of new construction, and tenants would all be looking to move at the end of leases.
The relatively high construction cost is a barrier to additional stock.

The other reason that this development might males sense is its 45% food retail. not just a fuel stop. All of the petrol station REITS are trying to increase diversiafication away from Fuel which is seen as risky the long run.