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George Street 7-Eleven to spark investor contest

People & Companies / Latest News

Australia / Sydney

Oct 15 2018

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A 7-Eleven store in an inner Sydney suburb has hit the market for the first time in 56 years, with expectations of circa $4million.

The freehold retail asset at 869 George Street, Ultimo, has a five-year lease in place to convenience store 7-Eleven, with two additional five-year options to renew.

Savills Australia’s David Hickey, Tom Tuxworth and Nick Tuxworth have been appointed to auction the property on site, saying they expected competitive interest from local and instate investors.

“Buyers are consistently chasing income-producing assets in super prime locations,” Mr Hickey said.
 
“This is the first time 869 George Street has been offered to the market in almost half a century, which highlights how tightly held this type of asset can be.” 

Mr Hickey went on to say that Sydney had experienced a lack of quality retail properties on long-term leases to AAA+ tenants come to market in 2018 in CBD and city-fringe locations.

“These generational-style assets only come to market every so often so we feel the limited supply will ensure 869 George Street will receive full attention from the marketplace,” he said.
 
“Freehold retail investments on the doorstep of Sydney’s CBD are one of the most sought-after investment classes in Australia, with their safe fundamentals and significant upside potential being huge drawcards – two characteristics that are rarely seen.”
 
Mr Hickey said the George Street property was strategically situated in “one of the best-performing and most tightly held retail locations in the country”.

“Any property anchored by a blue-chip covenant like 7-Eleven will enjoy strong future tenure, which will hopefully translate into a benchmark result for our vendor,” he said.

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