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News release

SYDNEY

Sixth Auction of 7-Eleven properties in New South Wales in the past 18 months expected to draw a big crowd

Investors who missed out on properties that sold at auction only a month ago will get the chance to bid for 10 new properties at an auction on 12 December


SYDNEY, 23 OCTOBER 2012 – Hot on the heels of the sale of $26 million worth of 7-Eleven convenience stores at auction a month ago, another 10 new stores are now headed to auction in Sydney on 12 December.

The 10 stores in New South Wales being offered to the market by Jones Lang LaSalle are located at Carlton, Berkeley, Blacktown North, Haberfield, Kirrawee, McGraths Hill, Northmead, Revesby, Riverwood and Rooty Hill.  7 properties will also be offered for sale at an auction in Brisbane on 13 December.

 
John Macree, Head of Sales and Investments – Metropolitan Markets, NSW at Jones Lang LaSalle said, “To date, we have sold over $170 million worth of 7-Eleven stores as part of a sale program by 7-Eleven Australia.
 
“The 10 new properties represent the sixth tranche of this sale program in New South Wales.
 
“Interest from investors in these convenience stores has been high, which has been reflected in the 100% clearance rate we have achieved in the past two auctions in a row.
 
“This speaks volumes for the strength of convenience stores as an asset class.  We have already had two sell-out auctions in New South Wales this year and I expect a lot of interest in the December auction, especially from self-managed super fund users and self-funded retirees looking for a secure rental stream and a reliable, long-term tenant,” said Mr Macree.
 
The 10 new properties will be up for auction as part of a sale program by 7-Eleven allowing the convenience retailer to continue to occupy the properties under 15 year leases with 3 x 5 year options.