Six Queensland 7-Elevens to tempt commercial property investors at March auction
Six 7-Eleven service stations will go to auction on March 22 in Brisbane.
The six sites are being sold alongside a batch of 10 NSW service stations, which will go to auction on the same day in Sydney.
The largest of the six properties is a 5,072-square-metre site at 1 Kingston Road in Woodridge, about 20 kilometres south of the Brisbane CBD, which has rent commencing at $136,000 and has an estimated land value of $2 million.
The full list of properties is:
Location | Address | Size | Annual Rent | Land value |
Woodridge | 1 Kingston Road | 5,072 sqm | $136,000 | $2 million |
Springwood | 53 Springwood Road | 3,702 sqm | $170,000 | $2.4 million |
Marsden | 79 Chambers Flat Road | 3,500sqm | $170,000 | $1 million |
Sandgate | 86 Rainbow Street | 1,248sqm | $120,000 | $640,000 |
Strathpine | 273 Gympie Road | 2,365sqm | $175,000 | $920,000 |
Nambour | 922 Nambour Connection Road | 1,821sqm | $190,000 | $270,000 |
The properties are being marketed by Sam Hatcher and Ben McGrath from Jones Lang LaSalle.
All properties come with new 15-year leases with three options of five year renewals and guaranteed 4% annual rent increases.
McGrath tells Property Observer he expects the petrol stations to sell in a similar price range as achieved in NSW and Victoria.
Last year about $90 million worth of 7-Elevens were sold in and around Sydney and Melbourne.
Investors paid between$1.6 million for a 1,900-square-metre service station in Bayswater East in Melbourne up to $4.6 million for a 2,824-square-metre site in Turramurra in 2011.