7 Eleven Investment Sold for $5.45 Million
An investment property anchored by a 7 Eleven service station at Meridan Plains near Caloundra on the Sunshine Coast has been sold by Ray White Commercial for $5.45 million.
The property at 236 Parklands Boulevard, Meridan Plains, was sold to a Brisbane investor by Ray White Commercial (Qld) Director – Retail Sales, Stephen Kidd, on behalf of Matchbox Property.
Stephen Kidd said the investment comprised a two-lot subdivision with Lot 1 a 2,049 sqm site with a development agreement for a 7 Eleven service station, while Lot 2 is a 1775 sqm site proposed for a car wash.
“The total site area is 4,026 sqm with an Aldi-based retail centre to the east and Meridan State College to the west,” he said.
“The location was ideal for the tenant and investor enquiry was significant, despite this being an off-market sales campaign. Several local buyers had shown significant interest in the service station anchored investment due to its hands free management status, a solid national tenant lease covenant and a strong remediation clause.”
Stephen Kidd said 7 Eleven has a 15-year lease on the site with regular 3.0 per cent per annum rent increases and the indicative cash flow for the purchaser is net rent of $310,000 per annum.
“The lease term makes it a hassle free secure investment,” he said.
“The site is in a prime position with direct frontage to Parklands Bvd and it has been estimated there are more than 15,000 passing cars each day.”