The Withers family is set to offload another $70 million-plus portfolio of 7-Eleven service stations across Australia.
The auction marks the final tranche of the Withers family's 7-Eleven petrol station assets, after selling 15 outlets in October for a combined $75 million.
Worth an estimated $1.3 billion, Russell Withers and his late sister Beverly Barlow opened the first 7-Eleven store in 1977.
The 18 properties will be auctioned individually at Burgess Rawson auction events in Sydney and Melbourne.
The sale and leaseback arrangement included 7-Eleven taking up new 12-year leases plus options to 2052 and rental growth guaranteed through annual, fixed, compounding 3 per cent increases.
The properties currently generate net annual rents of between $116,904 (Wahroonga, NSW) to $327,083 (Wantirna, Victoria).
Burgess Rawson director Billy Holderhead said it was the last chance to secure a 7-Eleven asset under these conditions.
“This is definitely the last time a tranche of 7-Eleven stores will be offered in a portfolio scenario,” he said.
“The quality of the leases to Australia’s number one convenience retailer, along with conservative rents and overwhelming potential for growth, make these assets one of the best opportunities likely to be brought to market in 2020.”
Properties going to auction in Victoria included Corio, Pascoe Vale South, Pascoe Vale, Upwey and Wantirna, while in NSW Minchinbury, Maryville, Mayfield West, Penrith South, Plumpton and Wahroonga.
The Queensland assets located in Coomera and Nambourand in ACT the properties in Mawson, Melba, Spence and Wanniassa would be auctioned.
7-Eleven currently operates around 685 outlets across its franchise and corporate network, and accounts for 39 per cent of Australia’s total convenience market.