Investors Snap Up Service Station Portfolio
Russell Withers’ 7 Holdings, owner of the 7-Eleven business, has sold off another national portfolio of petrol stations for around $78.2 million, taking the total tally from the sale of 33 sites across two tranches to around $156 million.
The most recent portfolio of 18 stores sold at a 4.9% average yield. All properties were sold with new 12-year net leases to 7-Eleven.
Victorian properties included the 6,480sqm site at 605 Boronia Road, Wantirna, which included 2,500sqm of vacant land and sold for $7.13 million at a 4.59% yield. The 3,273sqm site at 512 Pascoe Vale Road, Pascoe Vale with a 94m frontage sold for $4.775 million at 4.08%, and in Pascoe Vale South, 475-477 Bell Street sold for $4.91 million on a 4.48% yield.
The 1,585sqm corner site at 1441 Burwood Highway, Upwey changed hands for $3.25 million at 5.97%, and an outlet at Corio in Geelong sold for $3.455 million at 4.64%.
7 Holdings sold a first portfolio of 15 7-Eleven properties in October, for a similar combined total and at a yield of around 4.7%.
Developers Swoop on Eaglemont Site for Childcare Centre Play
Queensland-based developers Mike Wu and Shan Kuo have acquired another major Melbourne site for a childcare centre project, paying more than $12.8 million for 5,034sqm of land in Eaglemont.
Four owners combined their six adjoining residential sites to create the offering at 25-31 Banksia Street and 437-439 Lower Heidelberg Road.
The new owners, who operate Little Lane Learning and Avenues Early Learning Centre, plan to build a childcare centre and townhouses on the property. Last year, they bought the 3-level, 3,472sqm Summit House building opposite Westfield Doncaster for $20 million, where they will also build a new childcare centre.
They are also planning a $100 million childcare centre on a 9,500sqm site in South Melbourne that previously was earmarked for 1,000 apartments spread across 4 towers, and which they purchased for $61.8 million in 2017.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2020 Fitzroys.