Another tranche of 7-Eleven service stations will go to auction in December this year, with 10 going to Jones Lang LaSalle auction in NSW and seven in Queensland.
The convenience store company has been selling off service stations since buying 295 company-owned or leased stations from Mobil in 2010. The 10 new properties represent the sixth tranche of this sale program in New South Wales.
Recently 10 auctioned 7-Eleven service stations sold at a September 25 auction, the third successive 7-Eleven auction with a 100% clearance rate.
They had an average initial yield of 6.27%, with prices ranging from $2?million in Glendale to $4?million in Croydon Park.
They came with newly signed 15-year leases with three five-year options and annual rent increases of 4%.
This tranche will be the last 7-Eleven auction, according to Jones Lang LaSalle’s John Macree.
The seven Queensland properties are in Brisbane.
“To date, we have sold over $170 million worth of 7-Eleven stores as part of a sale program by 7-Eleven Australia," says Macree.
The recent sales came with redevelopment potential as all tanks, pumps and line work come under the responsibility of 7-Eleven. The sales come with site remediation guarantee should 7-Eleven collapse.