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News release

Sydney

7-Eleven Revesby sells under the hammer in another competitive auction


SYDNEY, 11 July, 2013 – 7-Eleven, Revesby has sold under the hammer in Sydney on Tuesday with strong competition, following numerous successful 7-Eleven auctions in Australia in the past two years.

On behalf of 7-Eleven, Jones Lang LaSalle’s Director of Sales and Investments for South Sydney, Michael Ajaka, sold the property to a private investor for $2,740,000 – a net return of approximately 5.4% after land tax.
 
“There was strong bidding for the property from four buyers at the auction. Service stations continue to be a blue-chip asset class, with long-term secure leases, solid returns and great appeal for private investors, with all outgoings paid by the tenant except Land Tax,” said Mr Ajaka. “We have received high clearance rates at all 7-Eleven auctions.”
 
Over the past two years, Jones Lang LaSalle has sold nationally $215 million of 7-Eleven Service Stations properties on behalf of the parent company as leased-back investments.
 
Revesby 7-Eleven, located at 295 Canterbury Road, is leased for a minimum term of 15 years with three five-year options. It features strong lease covenants and is well positioned in metropolitan Sydney.
 
The sale of 7-Eleven, Revesby concludes the auction for three 7-Eleven properties in May, when 439 Princes Highway, Carlton sold for $2,715,000 at approximately 5.3% net return after land tax and 35 Parramatta Road, Haberfield sold for $2,600,000 at approximately 4.3% net return after land tax.​