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MELBOURNE, 13 MARCH 2013 – Demand is running hot for 7-Eleven service stations with Jones Lang LaSalle selling another in Ashwood under the hammer today.
Drawing a strong crowd and multiple bidders, Stephen Bolton and Stuart Taylor sold the prominent petrol station/convenience store investment property located at 475-479 Warrigal Road, Ashwood for $2.875 million representing a net yield of 5.46%.
The property features a brand new 15 year lease to 7-Eleven Stores Pty Ltd with 4% annual increases and 3x 5 year options. 7-Eleven Pty Ltd pay all outgoings (other than Land Tax) and maintain all the tanks, lines and pumps.
Adjoining the Ashwood Shopping strip, the property is prominently positioned at the intersection of Douglas Street, approximately 14 kilometres east of the Melbourne CBD.
With a site area of 1,705sqm, 7-Eleven Ashwood receives excellent exposure to high traffic volumes as Warrigal Road is a major 4 lane primary road running north/south from Canterbury Road to Beach Road, linking several major arterials including the Monash Freeway, Nepean Highway, Princes Highway and Burwood Highway.
Mr Bolton said “The strength of the 7-Eleven covenant with 4% continued annual growth provides an incredibly secure, worry free investment opportunity for a minimum of 15 years”.
“The property’s prominent position in tightly held Ashwood and strong underlying land value provides a strong reversionary option for long term redevelopment” Mr Taylor added.
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