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• 10 x properties sold yesterday at the sixth successful 7-Eleven auction in NSW in 18 months• The total auction price for 10 x 7-Eleven stores sold was $23.75m• 7 x further 7-Eleven stores will go to auction today in Brisbane
SYDNEY, 13 DECEMBER 2012 – Buyers fought it out for 10 x 7-Eleven properties sold at auction in Sydney yesterday, following a string of successful 7-Eleven auctions in NSW in the past 18 months.
7-Eleven Australia sold 10 properties for a combined total of $23.75 million at the jam-packed auction.
It was the sixth auction of 7-Eleven properties in New South Wales in the past 1.5 years and the fourth in a row to achieve a 100% clearance rate. 7 further 7-Eleven properties will also be offered for sale at an auction in Brisbane today, Thursday 13 December.
John Macree, Head of Sales and Investments – Metropolitan Markets, NSW at Jones Lang LaSalle said, “To date, we have sold over $193 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 four auctions in a row.
“The results of these auctions speak for themselves for the strength of 7-Eleven convenience stores as an asset class. We have had four sell-out auctions this year to date, 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 stores in New South Wales sold by Jones Lang LaSalle at auction yesterday are located at Carlton, Berkeley, Blacktown North, Haberfield, Kirrawee, McGraths Hill, Northmead, Revesby, Riverwood and Rooty Hill.
The Haberfield store achieved the lowest yield of the day at 4.64%.
The 10 new properties were 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.
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