This article is from the Australian Property Journal archive
A PORTFOLIO of 7-Eleven service stations across Queensland has been sold at auction by Jones Lang LaSalle’s Sam Hatcher and Michael Walsh for a total of $17.1 million.
Hatcher told Property Review the interest was very strong from private investors, and the auction attracted 50 registered bidders for the seven properties.
Hatcher said although interest rates do not normally impact on commercial investments, he added that the lower interest rates have made the yield gap between debt and returns more attractive.
The seven service stations were sold with brand new 15-year leases and fetched a total of $17.1 million, reflecting an average yield of 6.9% and average sale price of $2.5 million.
Hatcher said all the properties were sold to Queensland based private investors.
The deal includes 4% annual rental increases and the lease term has three x five-year options with the tenant paying all outgoings, except land tax.
The portfolio includes:
· 7-Eleven Eatons Hill,
· 7-Eleven Richlands,
· 7-Eleven Sandgate,
· 7-Eleven The Gap,
· 7-Eleven Mount Gravatt East
· 7-Eleven Aspley
· 7-Eleven East Brisbane
Property Review
