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AUSTRALIA, 17 JUNE 2011 –Fifteen 7-Eleven convenience store properties in Sydney and Melbourne are to be offered for sale by Jones Lang LaSalle via an auction on July 20th.
These sites are some of the properties acquired by 7-Eleven as part of the acquisition of the Mobil Retail business in 2010. The properties have been refurbished and re-opened as 7-Eleven stores.
Jones Lang LaSalle Director, David Bowden said, “These properties are all well located in metropolitan Sydney and Melbourne. They are being offered with new 15-year leases to 7-Eleven with annual rental increases of 4%. The properties are expected to sell for between $2 million and $4 million.”
The sales will be negotiated by Stephen Bolton (Victoria) and John Macree (New South Wales) of Jones Lang LaSalle.
7-Eleven is a globally recognised brand and Australia’s number one convenience retailer. 7-Eleven Stores Pty Ltd. is owned by the Withers/Barlow family and ranks in the top 30 of BRW’s Top 500 Private Companies listing. The first Australian 7-Eleven store opened in August 1977. Today, 7-Eleven operates more than 600 stores, serving around 130 million customers a year. Holding 32% of the Eastern Seaboard market share, 7-Eleven generates approximately $3 billion in sales per year.
“The current selection of sites for sale follows the successful auction of seven properties by Jones Lang LaSalle in March. Located in Thomastown, Clifton Hill and Noble Park in Victoria, Blacktown East, West Gosford and Long Jetty in NSW and Robina in Queensland, net yields for these sites ranged between 7.28% - 7.95%. Given the regional location of some of these sites, it was an exceptionally good opportunity for commercial property investors,” said Mr Bowden.
“Since March we have also sold a number of sites on an individual basis and demand among investors has been strong,”
“The purchasers have been attracted by land rich investment properties in prime locations with secure long term leases and fixed rental increases,” Mr Bowden concluded.
New South Wales Site Area Annual Rent
Artarmon, 477 Pacific Highway 1,548sqm* $210,000
Granville, Cnr Parramatta Road & Harbord Street 1,499sqm* $200,000
Lambton, 21 Croudace Street 1,932sqm* $190,000
Narrabeen, 1497 Pittwater Road 1,619sqm* $270,000
Sth Strathfield, 577 Liverpool Road 4,998sqm* $200,000
Blaxland, 137 Great Western Highway 1,809sqm* $190,000
Kensington, Cnr Anzac Parade & Todman Ave 1,429sqm* $150,000
Edensor Park, Cnr Cowpasture & Elizabeth Roads 7,451sqm* $260,000
VICTORIA Site Area Annual Rent
Bayswater East, Cnr Dorset Road & Mountain Hwy 1,932sqm* $140,000
Blackburn Sth, Cnr Middleborough & Canterbury Rds 2,738sqm* $140,000
Brandon Park, Cnr Springvale & Ferntree Gully Roads 2,720sqm* $190,000
Lilydale, Cnr Maroondah Hwy & Cavehill Road 1,463sqm* $130,000
Hoppers Crossing, Cnr Old Geelong & Heaths Rds 5,575sqm* $210,000
Epping, Cnr Dalton & Childs Roads 5,204sqm* $150,000
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