Near-new 7-Eleven and service centre make desirable duo
The chance to pick up a 7-Eleven service station and an adjoining Bridgestone service centre in Sydney’s south-west is expected to have investors circling when it goes to auction next month.
The property at Revesby, built less than two years ago at the centre of one of Sydney’s most established industrial precincts, comes to market amid reports industrial property could be Australia’s boom asset class in 2019.
The site at 102 Milperra Rd spans 2852sqm and includes 15-year leases to both 7-Eleven and Bridgestone, along with a net income of more than $458,000.
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JLL’s Gordon McFadyen and Dylan McEvoy have been tapped to market the property on behalf of its local private owner.
With industrial property currently enjoying a golden run, McFadyen says the rush to secure high-performing assets in key industrial locations is gathering pace.
“The industrial property market has seen significant growth in recent years, and this is expected to continue due to the exponential growth of logistics and e-commerce business,” he says.
“As a result, investors are rushing to defensive and long-term leased investments with industrial zonings to secure a foothold in major hubs or activity – and this will underpin demand for roadside retail investments for the future.”
McFadyen says 102 Milperra Rd is positioned for continued success.
“This property is in an established industrial precinct close to Bankstown Airport and is underpinned by the scarcity of quality investment-grade stock in the market,” he says.
McEvoy adds: “The Revesby corner location … and its high-exposure main-road position will continue to drive these tenants’ businesses. The offering is also strongly underwritten by the non-discretionary nature of fuel sales from industrial users and the need for auto services in the vicinity of complementary-use businesses.”
The property will be auctioned on April 9.