Canning Vale 7-Eleven service station sold for $5.75 million

WA-based funds management company, Mair Property Funds, has sold the 7-Eleven service station in Canning Vale in an off-market transaction. 

The property, which is situated at 488 Ranford Road, was sold through Paul Davison and Jeff Klopper from Vend Property for $5.75 million. 

Mair Property Funds developed the site in 2016 and signed a 15-year lease with the international service station and convenience store chain.

Portfolio Manager for Mair Property Funds, Alex Lambert, said the results of the sale realised the development profit for investors in their commercial property trust, MPS Unit Trust 2. 

“Being a relatively new asset with a strong tenancy in place and a remaining lease term of over ten years, we identified a key opportunity to maximise the investment value of the property through its sale in a low yielding environment.”

The MPS Unit Trust 2 also owns other assets including Beldon Shopping Centre, which underwent a full refurbishment in 2016 after signing a 20-year lease to national retailer, Woolworths. 

“Since its refurbishment in 2016, Beldon Shopping Centre has benefited considerably from increased foot traffic.

“We are now working actively with our property management division to identify further ways to maximise and enhance the property’s performance,” Mr Lambert said.