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7-Eleven earns $78m for 15 petrol stations

Fuel and convenience retailer, 7-Eleven Australia has netted $78 million in its one-day auction extravaganza of 15 petrol stations around the country.

Nearly 350 turning up at live-linked auction events this week in Sydney and Melbourne conducted by portfolio specialists Burgess Rawson.

The 7-Eleven stores were spread across New South Wales, Victoria, Canberra and Western Australia.

A spokesperson from 7-Eleven said: “The sale results reflected the pent-up demand for 7-Eleven properties, reflecting the voracious demand for assets leased to Australia’s number one convenience retailer.

“The buyers were a mix of existing 7-Eleven landlords who knew the quality and underlying value of the assets they were purchasing, and first-time purchasers who were determined to own a 7-Eleven.

In doing their due diligence in the lead-up to the auction, investors fell in love with the business, and that sentiment was reflected in the incredible results achieved,” they said.

The properties sold for more than $10 million above their collective reserve prices, proving that there’s a great deal of urgency from investors for good quality properties.

Each of the properties was offered with a renewed 12-year lease with fixed 3% rent increases, with many sites also offering development potential or space to expand.

The stores were spread across New South Wales, Victoria, Canberra and Western Australia.”

 

The stores included a 7-Eleven leased fuel site at Clyde on Sydney’s Parramatta Road which sold for $3.9 million.

Another with a drive-through service station with a McDonald’s onsite in Campbellfield on Melbourne’s northern outskirts netted $8.52 million.

A site in Sydney’s Liverpool earned $5.75 million, while a fuel outlet Canberra’s Braddon went for $7.1 million.

Other sites included Mornington, Rockbank, Croydon and Ferntree Gully in Melbourne, Seven Hills, Colyton, Toongabbie and St Marys in Sydney, Holt in Canberra, Ellenbrook in Perth and Marks Point in Newcastle.

The convenience retailer had signed new 12-year leases for all 15 properties and covers all rates, repairs, maintenance, building and public liability insurance.

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