The 7-Eleven at 840 Plenty Rd, South Morang, is for sale.
Two 7-Elevens in Melbourne’s outer north have hit the market with one of the service stations expected to fuel a circa-$6m sale.
The South Morang outlet on Plenty Rd includes a vacant land parcel of more than 1000sq m which could potentially be developed in the future, subject to planning approval.
And the 7-Eleven in Wollert comes with a 12-year lease to 7-Eleven Stores Pty Ltd.
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Similarly, the South Morang store has a 10-year lease which commenced in 2020.
The 7-Elevens are being sold separately by different owners with the Plenty Rd site’s campaign managed commercial real estate agency JLL’s Dominic McGrath, Romanor Falconer and Tom Noonan.
Mr Falconer said the servo was a compelling prospect for investors because it offered both security and the opportunity for future development.
“The income is secured by a tenant that is part of a global $44.8bn company, providing a reliable foundation,” added.
The parcel of vacant land next to the 7-Eleven in South Morang makes up part of the listing.
The 7-Eleven, listed by a private investor, earns an estimated $328,050 a year according to realcommercial.com.au.
The 7-Eleven sits on a 3677sq m block which more than 50,000 vehicles drive past daily.
Mr McGrath said the City of Whittlesea, which includes South Morang and Wollert, had about 3500 new homes built every year.
Population forecasts show the municipality is expected to become home to 360,000 residents by 2041, an increase of 44 per cent.
Stonebridge Property Group’s Rorey James and Kevin Tong have the Wollert listing which offers four five-year options to extend its lease until 2058.
The stand-alone service station and convenience store was built on Epping Rd, earlier this year.
Inside the Wollert 7-Eleven which is located at 271 Epping Rd.
The service station and convenience store is 21km north of Melbourne’s CBD.
Mr James said he was expecting significant interest from investors, with the store returning $370,000 net income a year.
The property forms part of developer Oreana’s $45m million Linfield Place town centre where there’s also an Oporto, Subway and Snap Fitness.
Mr Tong said the recent expansion of Epping Rd from two to six lanes in front of the fuel out had more than doubled the road’s capacity, with 35,000 vehicles driving past every day.
Expressions of interest in the South Morang 7-Eleven close on September 17, while they close for the Wollert 7-Eleven at 3pm on September 17.
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