7-Eleven properties sell. Photo: Reuters
EIGHT 7-Eleven service station properties in Victoria have sold for a total of $17 million in the past few months.
The prices have ranged from $1.4 million to $3.8 million, setting the scene for the auction of similar properties this week by Jones Lang LaSalle.
Five Victorian properties and eight NSW properties will go under the hammer on Wednesday at The Point Restaurant in Albert Park. The NSW properties will be auctioned at 10.30am and the Victorian properties at noon.
JLL director David Bowden said the properties were being offered with 15-year leases to 7-Eleven, with annual increases of 4 per cent. ''The properties are expected to sell for between $2 million and $4 million,'' he said.
The sites are some of the properties acquired by 7-Eleven as part of the acquisition of the Mobil Retail business last year. The properties have been refurbished and rebadged as 7-Eleven service station and convenience stores.
The 7-Eleven service station properties available in Victoria are at Bayswater East - 1932 sq m and $140,000 annual rent; Brandon Park, 2720 sq m, $190,000; Hoppers Crossing, 5575 sq m, $210,000; Epping, 5204 sq m, $150,000; and Tullamarine, 1864 sq m, $180,000.
The sales are being negotiated by JLL agents Stephen Bolton (Victoria) and John Macree (NSW).
Mr Bowden said the properties sold so far this year had net yields that varied between 7.28 per cent and 7.95 per cent. The 7-Eleven service station at Lilydale sold for $1.53 million on a yield of 8.4 per cent.
The others were Blackburn South, $1.85 million and 7.1 per cent; Sandringham, $1.6 million and 7.6 per cent; Clifton Hill, $3.17 million and 7.6 per cent; Noble Park, $2,125,000 and 7.9 per cent; Thomastown, $3.8 million and 7.3 per cent; Noble Park, $1.8 million and 7.7 per cent; and Maribyrnong, $1.4 million and 7.6 per cent.
Owned by the Withers/Barlow family, 7-Eleven Stores ranks in the top 30 of BRW's top 500 private companies listing. The first Australian 7-Eleven opened in 1977.
Today, 7-Eleven operates more than 600 stores, serving about 130 million customers a year, and generating $3 billion in sales annually.
