Andrew Rogers, 04 November 2015

THE sale of a 7-Eleven on the corner of Heidelberg Rd and Yarralea St, Alphington has smashed local sales records in an auction last week.

The site sold for $5.5 million on October 27, with a return of 3.1 per cent setting a new benchmark for yields on 7-Eleven stores in Melbourne.

The purchasers have entered into a five-year lease, expiring in 2019, with no option to renew.

The site is considered ideal for its use as a service station/convenience store, but could be ­redeveloped.

CBRE Victorian retail investments associate director Justin Dowers said investors had gained confidence in the area because of the redevelopment of the Alphington Mill site. The sale price equates to a net worth of $4850 per square metre.

“We had strong bidding from local and offshore interests with the end purchaser being a local family investment group,” Mr Dowers said.

CBRE facilitates the sale of business properties in Australia and overseas.

Extracted in full from the Herald Sun.