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News release

Sydney

Two more NSW 7-Elevens have been sold under the hammer, highlighting their continued reputation as a valued asset class


SYDNEY, 9 May, 2013 – Two more 7-Eleven Eleven properties have sold under the hammer in Sydney on Tuesday at a highly competitive auction, following a string of successful 7-Eleven auctions in Australia in the past two years.

Three 7-Eleven properties went to auction, with two selling and the remaining property still under sales negotiation. 7-Eleven at 439 Princes Highway, Carlton sold for $2,715,000 at approximately 5.3% net return after land tax. 35 Parramatta Road, Haberfield sold for $2,600,000 at approximately 4.3% net return after land tax.
 
The third property, 7-Eleven at 295 Canterbury Road, Revesby had strong bidding at $2,775,000 but didn’t meet reserve and is on the market at $2,850,000 with a 5.2% net return after land tax.
 
Jones Lang LaSalle’s Director of Sales and Investments for South Sydney, Michael Ajaka, said: “With the interest rate drop on Tuesday afternoon, there was a lot of anticipation from bidders in the room.
 
“We’re seeing continued demand for blue-chip product like 7-Eleven properties, and received over 150 enquiries in the week leading up to the auction.”
 
The investments were leased for a minimum term of 15 years with 3 x 5 year options, strong lease covenants and strategic positioning throughout metropolitan Sydney.
 
“We’re seeing continued interest from investors in service stations as a valuable asset class, reflected in the high clearance rates and strong competition at auction.
 
“To date, Jones Lang LaSalle has sold over $215 million worth of 7-Eleven stores as part of a sale program by 7-Eleven Australia. All outgoings are paid by the tenant, 7-Eleven Australia, except land tax, making this a strong investment proposition,” Mr Ajaka concluded.