7-ELEVEN AUCTION A DREAM FOR BUYERS
THE family that started the 7-Eleven outlets in Australia more than 40 years ago is selling its long-standing service station on the doorstep of the Dreamworld theme park.
The Withers family, which controls the nation’s 7-Eleven franchise, is to auction the property in Melbourne on February 20.
The Dreamworld Parkway property is being sold with a new 12-year lease in place and options through to 2052.
The service station sits on an 8564sq m site 200 metres from Dreamworld and adjoining land on which Gold Coast developer Tim Gordon has plans for a hotel and residential towers.
It is one of 295 service stations bought by the Withers family from Mobil Oil Australia in 2010.
Jamie Perlinger, of Burgess Rawson, said the Coomera site, with two street frontages and adjacent to the M1 motorway, was under-utilised.
“It has great exposure to not only a rapidly expanding part of the Gold Coast, but to the more than 1 million people who visit Dreamworld every year.”
The Coomera service station is being sold with forecast net rent of $289,000 a year. The property is one of 18 7-Eleven centres, estimated to be worth in excess of $70 million, being sold by the Withers family.
The listings come three months after the family banked $77.9 million by selling 15 7-Eleven leased outlets at a Burgess Rawson auction.
The funds are being used for expansion – 7-Eleven has flagged its intention to open about 30 new stores a year.