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News release


100 per cent clearance: $71.115m of 7-Elevens sold in NSW, VIC and QLD auctions this week

The 15 x 7-Eleven properties were sold as part of a national portfolio on behalf of the Withers Barlow Property Trust PL

​​MELBOURNE, 8 August 2014 – In three highly competitive auctions across Australia’s Eastern Seaboard this week, 15 x 7-Eleven convenience store and service station investments sold under the hammer for a total $71.115 million, achieving a 100 per cent clearance rate. 

The buyers, all Private Investors, purchased the properties with leases of 15 years, plus three five-year options. 

JLL’s Director of Sales and Investments for Victoria, Stephen Bolton, managed the overall sales process nationally, and in Victoria alongside Stuart Taylor. At the final of three auctions this week in Victoria on Thursday, 7 August, six 7-Eleven properties sold for a total $29.03 million with an average yield of 4.27 per cent – with the lowest being Prahran at 3.6 per cent.

At the initial New South Wales auction on Tuesday, 5 August, seven 7-Eleven properties were sold for a total $33.085 million with a benchmark yield of 3.85 per cent and an average yield of 4.6 per cent. The Queensland auction on Wednesday, 6 August saw two 7-Eleven properties sell for a total $9 million with an average yield of 6.2 per cent.

According to Mr Bolton, all of the properties nationally were hotly contested and in Victoria, over 200 people attended the auction for six 7-Eleven properties. 

“7-Eleven investments are seen as excellent opportunities, not only because of the lease covenant and growth throughout the lifetime of the lease, but also for the reversionary aspect that the properties offer with high land values even outside of the tenant.

“One purchaser advised that with the tight yield, he had secured long-term income and that his children and grandchildren could enjoy the benefits of the reversionary land value at the expiration of the lease, which could be in 2041. 

“Collectively, $71.115 million of 7-Eleven properties were sold at auction this week at an average total yield of 4.7 per cent,” said Mr Bolton.

7-Eleven is a globally recognised brand and Australia’s number one convenience retailer. 7-Eleven Stores Pty Ltd is owned by the Withers/Barlow family and ranks in the Top 30 of BRW’s Top 500 Private Companies listing. ​