A 7-Eleven service station and convenience store in the south-eastern Perth suburb of Gosnells has sold for $5.1 million.

The property at 303 Corfield Street is passed by around 19,000 vehicles each day.

Knight Frank Director of Capital. Markets – WA, Tony Delich, said the 7-Eleven operator had recently signed a new, 15-year lease with fixed 3% annual rent increases, on a current net rental of $322,000 per annum. 

The sale price reflected a yield of 6.3%.

“This property is on the major, four lane district distributor road from Tonkin Highway, near the Albany Highway intersection, and there is a rapidly increasing residential catchment in the area,” Delich said. 

The property has a total land area of 1,945 square metres.

It directly opposite the IGA-anchored Corfield shopping centre and the Corfield Tavern, as well as adjoining a 3.27 hectare site currently poised for a 36-lot residential subdivision.

Extracted from Property Observer