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News release

Brisbane

$17.13 million in 7-Eleven super auction today in Brisbane: Jones Lang LaSalle


BRISBANE, December 13, 2012 – Seven 7-Eleven service stations went under the hammer today, for a total of $17.3million in a highly competitive super-auction event managed by Jones Lang LaSalle’s Sam Hatcher and Michael Walsh. 

• 7-Eleven Eaton's Hill was sold for $2,270,000 (a yield of 7.84%);
• 7-Eleven Richlands for $2,620,000 (7.34%)
• 7-Eleven Sandgate for $1,950,000 (7.32%)
• 7-Eleven Gap for $2,030,000 (7.12%)
• 7-Eleven Mount Gravatt East for $2,360,000 (6.88%)
• 7-Eleven Aspley for $2,670,000 (6.67%)
• And, 7-Eleven East Brisbane for $3,230,000 (5.49%)
 
The $17.13million sale represented an overall average yield 6.9%.
 
Jones Lang LaSalle’s Sam Hatcher said the 7-Eleven service stations represented a unique and long term investment opportunity for buyers.
 
“All seven investments are leased for a minimum term of 15 years with three by five (3 x 5) year options; all boast a AAA lease covenant, and all occupy strategic high profile locations throughout Metropolitan Brisbane. This was an exciting auction event, with each 7-Eleven service station being offered for sale individually,” he said.
 
“The sale offered the opportunity to acquire high profile assets with strong underlying land value whereby 7-Eleven will exercise a 15 year ‘whole of land net lease’ with 4% fixed annual reviews providing excellent compounding rental growth,” said Hatcher.
 
“The whole of land net lease ensures investors are not required to contribute capital expenditure to the service stations whilst 7-Eleven occupies the premises.”
 
Eaton’s Hill 7- Eleven Service Station
2-4 Bunya Park Drive, EATONS HILL QLD 4037
 
Adjoining a small neighbourhood convenience centre, the service station is ideally situated on the corner of Bunya Park Drive and South Pine Road, the latter being a major carriageway linking the north western suburbs to the Brisbane CBD, providing excellent exposure to significant passing traffic, and is diagonally opposite the $30million ’Eatons Hill Tavern’, renowned as Queensland’s largest tavern and one of the biggest in the country. Land Area: 2,023 sqm*
 
Richlands 7- Eleven Service Station
208 Progress Road & Garden Road, RICHLANDS QLD 4077
 
Located in the Brisbane suburb of Richlands, approximately 18 kilometres south west of the Brisbane CBD, this 7-Eleven occupies a dominant position on the corner of Progress and Garden Roads, a major intersection benefitting from exposure to high levels of passing traffic. It’s diagonally opposite the recently completed Richlands Train Station and is surrounded by predominantly industrial and retail uses, with established residential housing nearby and in the surrounding suburbs of Inala and Durack. Land Area: 15,000 sqm*
 
Sandgate 7- Eleven Service Station
86 Rainbow Street & Hancock Street, SANDGATE QLD 4017
 
In the heart of a densely populated north eastern metropolitan suburb, 16 kilometres from the Brisbane CBD, this 7-Eleven services Brisbane’s northern Bayside region. It’s situated on a corner position fronting Hancock and Rainbow Streets, with the immediate surrounding precinct forming Sandgate’s central retail hub and town centre, incorporating Ibis Central Shopping Centre, various strip retail and Sandgate Train Station (located opposite). Land Area: 1,244 sqm*
 
The Gap 7- Eleven Service Station
1121 Waterworks Road & Settlement Road, THE GAP QLD 4061
On the corner of Settlement and Waterworks Roads, this site is opposite The Gap primary school, and has a high level of exposure to traffic flow and services a significant and established residential catchment, including the surrounding suburbs of Ashgrove and Keperra. Land Area: 1,992 sqm*
 
Mt Gravatt East 7- Eleven Service Station
318 Creek Road & Cavendish Road, MOUNT GRAVATT EAST QLD 4122
 
Situated on Creek Road, a major thoroughfare connecting Brisbane’s south eastern suburbs, the property occupies a high exposure corner position on Creek and Cavendish Roads. 318 Creek Road is located in close proximity to a number of schools including Seton College, Mount Gravatt East Primary, Moreton Institute of Tafe, Mansfield High, and Christian Outreach College, ensuring a consistent and high traffic flow around the property. Land Area 2,646 sqm*
 
Aspley 7- Eleven Service Station
1429 Gympie Road & Brickfield Road, ASPLEY QLD 4034
 
The property is located in the Brisbane suburb of Aspley, approximately 13 kilometres north of the Brisbane CBD. The service station occupies an ideal position on Gympie Road, a major arterial connecting Brisbane’s northern suburbs to the CBD and exposed to a significant volume of passing traffic. Situated inbound, 1429 Gympie Road is located within Aspley’s retail core, with Aspley Hypermarket and Homemaker City walking distance. The surrounding suburbs include the established residential areas of Bridgeman Downs, Zillmere, Geebung and Carseldine. Land Area 3,130 sqm*
 
East Brisbane 7- Eleven Service Station
96 Wellington Road & Vulture Street, EAST BRISBANE QLD 4169
 
The property occupies a prime location directly opposite the iconic Brisbane Cricket Ground, commonly known as ‘The Gabba’, within 2 kilometres south east of the Brisbane CBD and offers future redevelopment potential courtesy of its favourable town planning parameters. 96 Wellington Road is prominently positioned on the corner of Wellington Road and Vulture Street, affording the service station immeasurable exposure to a significantly high level of passing vehicular and pedestrian traffic. The property services an established residential precinct of East Brisbane and benefits from close proximity to Woolloongabba Busway, the Mater Hospital and the Shafston Hotel, underlining the range of commercial, retail and residential offerings surrounding the property. Land Area 1,234 sqm*​