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News release

A celebration with slurpees

Five out of five 7-Eleven service stations sell under the hammer in Melbourne


MELBOURNE, 20 July 2011 - Five out of five 7-Eleven service station properties being offered in Victoria sold under the hammer in Melbourne on Wednesday totalling more than $12.5million and bringing the sales of 7-Eleven stores to $47.607million nationwide over the past two months.
 
The five properties offered in Victoria located in Bayswater East, Brandon Park, Hoppers Crossing, Epping and Tullamarine were part of a national portfolio of fifteen 7-Eleven Service Stations in Sydney and Melbourne which were offered for sale by Jones Lang LaSalle via public auction.

Demand was also strong in New South Wales with seven out of the eight properties selling for a total of $18 million.
 
Stephen Bolton and Ben Galanos of Jones Lang LaSalle negotiated the sales in Victoria which attracted over 70 people and fierce bidding on the day.
 
The properties were offered with new 15-year leases to 7-Eleven with annual rental increases of 4%.

Jones Lang LaSalle Director, David Bowden said, “The level of interest was very high with energetic bidding from multiple bidders on most of the properties. It demonstrates these investors have been attracted by land rich investment properties with secure long term leases and fixed rental increases in prime locations.”
 
The 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 rebadged as 7-Eleven service station and convenience stores.
 
“The sale of the sites follows the successful auction of seven properties by Jones Lang LaSalle in March. Located in Victoria, New South Wales and Queensland, net yields for these sites ranged between 7.28% - 7.95%.” Mr Bowden concluded.
 
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.