33 7-Eleven outlets auctioned with 100% clearance rate

33 7-Eleven outlets auctioned with 100% clearance rate
33 7-Eleven outlets auctioned with 100% clearance rate

The sale of 33 convenience retail outlets owned by 7-Eleven was considered very successful with a 100% clearance rate.

They sold for a combined $156 million.

Commercial agency Burgess Rawson successfully auctioned a final group of 18 properties at a 100% clearance rate earrlier this week. They previously sold an additional 15 of the company’s outlets at an auction in October 2019.

All properties sold on Tuesday traded on a blended yield of 4.83%, with one asset at Wahroonga in Sydney achieving a noteworthy yield of just 2.5% after selling for $4.67 million.

A further eight outlets sold on yields in the 4% range, including one in Penrith South, which was declared on the market on its first bid and reached $4.56 million, while another property at Pascoe Vale in Melbourne’s north sold for $4.775 million on a 4.09% yield.

Burgess Rawson director Billy Holderhead, who marketed the portfolio with colleagues Jamie Perlinger and Simon Staddon, and with Charter Keck Cramer’s Andrew Grant, Jessica Crossland and Tom Byrnes as transaction advisors, said the auctions had been runaway successes.

“Without a doubt this is one of the most successful – if not the most successful – commercial portfolios ever transacted in Australia,” Mr Holderhead said.

Mr Perlinger added – “Today’s auction alone was attended by 144 bidders and generated an estimated buyer pool of more than $550 million, which is a very clear indication that there is still a significant amount of unsatisfied demand in the fuel and convenience retail market.”

The properties featured new 12-year leases, indicating the belief in 7-Eleven as a brand and business model.

Tags: 
Retail

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