In three highly competitive auction campaigns across Australia’s Eastern Seaboard, commercial real estate agency
JLL has sold 15 7-Eleven convenience store and service station investments for over $70 million.
The buyers, all private investors, purchased the properties with leases of 15 years, plus three five-year options.
JLL’s Director of Sales and Investments for Victoria, Stephen Bolton, managed the overall sales process nationally, and in Victoria alongside Stuart Taylor.
“7-Eleven investments are seen as excellent opportunities, not only because of the lease covenant and growth throughout the lifetime of the lease, but also for the reversionary aspect that the properties offer with high land values even outside of the tenant," said Mr Bolton.
7-Eleven is a globally recognised brand and Australia’s number one convenience retailer. The business is owned by the Withers/Barlow family and ranks in the Top 30 of BRW’s Top 500 Private Companies listing.
Details of the sales are noted below:
- Ashfield, 132 Hume Highway – sold for $4.9m with a yield of 4.21%
- Camperdown, 198 Parramatta Road – sold for $3.65m with a yield of 4.72%
- Dee Why, 940 Pittwater Road – sold for $5.05m with a yield of 3.85%
- Mona Vale, 38 Barrenjoey Road – sold for $4.325m with a yield of 5.04%
- Macquarie Park / North Ryde, 404 Lane Cove Road – sold for $6.01m with a yield of 4.96% (image above)
- Sans Souci, 476 Rocky Point Road – sold for $4.55m with a yield of 4.96%
- St Ives, 157 Mona Vale Road – sold for $4.6m with a yield of 4.94%
- Robina, 48-56 Commerce Drive – sold for $4.3m with a yield of 6.17%
- Nerang, 70 Beaudesert-Nerang Road – sold for $4.7m with a yield of 6.24%
- Malvern East, 609 Waverley Road – sold for $2.85m with a yield of 4.5%
- Glen Waverley, 726-730 Waverley Road – sold for $4m with a yield of 4.21%
- Mill Park, 252 Childs Road – sold for $6.45m with a yield of 5.04%
- Prahran, 728 Malvern Road – sold for $4.23m with a yield of 3.6%
- Rowville, 951 Wellington Road – sold for $5.9m with a yield of 4.04%
- Wantirna South, 401 Burwood Highway – sold for $5.6m with a yield of 4.25%