Convenience store and servo sale garnering national interest
A service station at the heart of Springfield’s fast food hub has hit the market and is attracting national interest.
The 7-Eleven complex at 61 Springfield Parkway, Springfield, has hit the market, taking up 3242sq m with a 42m frontage to Springfield Parkway. On site is a Subway and several smaller tenancies, anchored by international fast food giants.
Campbell Bowers from commercial property agency JLL Brisbane said there had been interest mainly from private investors, with the lengthy 15-year lease to the convenience giant making it attractive to buyers.
The site leased for a net total of $463,298 a year, while the recent construction of the site meant it had the latest in fuel delivery technology, which Mr Bowers said provided a “low maintenance” investment with depreciation benefits.
“Mainly private investors and a pretty even mix of local and interstate interest,” he said.
“It’s new, which is always good, and it’s got a long-term lease to 7-Eleven, one of the best retail operators and leases in the country.”
Mr Bowers said 3 per cent fixed annual rent reviews ensured its profitability into the future.
“There’s three other solid tenants in there as well, including a Subway, which means there’s a really good strength of tenant covenant,” he said.
Seventy-one per cent of the total site income is provided by 7-Eleven, with the remainder contributed by Subway, TSG and Sushi Today.
“It adjoins KFC and McDonald’s as well – Springfield is a really booming area also,” Mr Bowers said.
Extracted from QT.com.au