This article is from the Australian Property Journal archive
A HIGH profile 7-Eleven service station and convenience store in Perth’s south eastern suburb of Gosnells has sold for $5.1 million on a 6.3% yield.
Knight Frank’s Tony Delich and Rick McIntosh-Whyte marketed 303 Corfield St, at which the 7-Eleven operator had recently signed a new 15-year lease with fixed 3% annual rent increases, on a current net annual rent of $322,000.
The property has a land area of 1,945 sqm and is directly opposite the IGA-anchored Corfield shopping centre and the Corfield Tavern, and adjoins a 3.27-hectare site earmarked for a 36 lot residential subdivision.
Delich said the sale price reflected a yield of 6.3% and was indicative of the high level of demand for solid, income producing assets in the $3 million to $6 million range.
“Both local and national investors are always keen to secure this type of asset where a blue chip tenant has a long term commitment in a growth area.”
He said the site is positioned on the major, four lane district distributor road from Tonkin Hwy, near the Albany Hwy intersection, and is passed by around 19,000 vehicles each day.
McIntosh-Whyte said the high level of interest received showed potential buyers had recognized the strong growth potential of the property, with the surrounding area zoned for future residential development.
