This article is from the Australian Property Journal archive
AN under-construction 7-Eleven service station and convenience store in Mandurah is going to auction in June, as Western Australian assets hit the market following the sector’s boom across the east coast.
Two identical, brand-new Caltex service stations on the Forrest Highway in West Pinjarra are also currently on the market.
The Mandurah site is being offered with a 15-year lease to 7-Eleven with four five-year options, with a commencing net income of $345,000 per annum and 3% fixed growth.
It is positioned in a high-traffic location on the corner of Pinjarra Road and Parkview Street, and 600 metres west of the Mandurah Forum Shopping Centre that recently underwent a $350 million redevelopment and expansion.
CBRE’s Ben Younger, Richard Cash and Joseph Du Rieu are marketing the site on behalf of South Australian-based developer Emmett Property, and it will form part of the agency’s next premium property portfolio auction event on Thursday, May 31.
Younger said the property’s strong tenancy profile would attract buyer interest from local and national investors, representing an outstanding opportunity to acquire a secure, income-producing asset in one of the state’s key regional markets.
Its high-profile corner location close to a well-established shopping centre is also expected to be a drawcard.
The West Pinjarra properties, located Midway Northbound and Midway Southbound on the Forrest Highway, are offered with 20-year anchor leases to Caltex along with a food court and five tenancies each for a total passing net income of $1,094,700 per annum – $2,189,400 for both – with a WALE of 15.4 years.
Each circa 60,000 sqm site is complemented with surplus land of approximately 25,000 sqm suitable for further development. The Caltex tenancies account for 2,619 sqm per site and the remaining tenancies 338 sqm, which include Spice Paradise, Miami Bakehouse, Chook Brothers, Burger Edge and Mahal.
Dawkins Occhiuto and Savills are the conjunction agents for the expressions of interest campaign, which closes on Thursday.
Australian Property Journal
