Mornington 7-Eleven sold this week

7-Eleven selling 15 outlets at auction

Convenience and fuel retailer Russell Withers’ 7-Eleven group will sell 15 7-Eleven sites around the country in a one-day auction.

The prominent sites will be sold by auction specialists Burgess Rawson at live-linked events in Sydney and Melbourne on 30 October and may net the business $70 million.

The 7-Eleven sites in Sydney include Clyde (likely to net around $3 million), Colyton, Liverpool, Toongabbie and St Marys.

The 7-Eleven sites in Melbourne include one with a drive-through McDonald’s sublease in Campbellfield (expected to net $7 million), Rockbank, Croydon and Ferntree Gully. As well as one Canberra’s Braddon which is likely to sell for around $5.3 million and one in Holt.

Other sites include Ellenbrook in Perth and Marks Point in Newcastle.

7-Eleven controls about 38 per cent of Australia’s fuel and convenience market through its network of 700 corporate and franchise outlets.

According to 7-Eleven Australia General Manager Retail Operations, Braeden Lord, the company continues to grow its footprint across the country and ‘the growth has remained strong, opening around 30 new 7-Eleven stores per year over the past four years’.

“We opened our 700th store in August 2019, and expect to continue to add about 20 to 30 new 7-Eleven stores to our network each year. There is growth across the network nationally with Western Australia and Queensland experiencing the strongest footprint growth for new 7-Eleven stores currently,” said Lord.

“We hope to open approximately 15 new 7-Eleven stores in both Western Australia and Queensland over the next two years.  We have ongoing opportunities for great people to join our team and our franchisee network.”

7-Eleven will be competing for commercial real estate investors with Caltex which, after announcing a few weeks ago it would sell a 50 fuel outlets, has just put the first half of them up for sale including three in Sydney and seven in Melbourne.

7-Eleven’s 15 properties have 12-year leases on sought-after net lease terms – the retailer pays rates, repairs, maintenance, building and public liability insurance.

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