Dreamworld servo goes for a premium
A Gold Coast investor has banned a property that he hopes will give him a dream ride – a 7-Eleven service station on a doorstep of the Dreamworld theme park at Coomera.
The unnamed investor’s $5.55 million bid topped those of contenders from Brisbane, Sydney and Melbourne at a Burgess Rawson auction on Tuesday.
He has bought the servo, which is on an 8,564 sqm site 200 metres from the theme park, on a 5.2 per cent yield.
It was among 18 offered by 7-Eleven whose outlets opened in Australia more than 40 years ago.
All the properties sold, achieving an average yield of 4.83 per cent and with one at Wahroonga selling on a 2.5 per cent yield.
Jamie Perlinger of Burgess Rawson, said the day was one of spirited competition, with a pool of 144 bidders.
“The sales, including that of the Coomera property, show there’s ongoing strong demand for retail fuel investments in prime spots.”
The Coomera servo, in Dreamworld Parkway, was sold with a new 12 year lease in place and option to 7-Eleven to renew the lease through to 2052.
It sold with forecast net annual income of $289,000.
Australia’s first 7-Eleven opened in Melbourne’s Oakleigh in 1977 and last year, 7-Eleven sold fifteen similar outlets, also at auction, for a total of $77.9 million.
Written by Quentin Tod, Gold Coast Bulletin