The Rich List owners of the 7-Eleven convenience retail chain were among the big winners of a sold-out commercial property portfolio auction in Sydney on Tuesday, as rising interest rates failed to dent enthusiasm for petrol stations, fast food outlets and childcare centres on long leases from cashed-up private investors.
following major wages scandal in 2015, comprises around 700 retail outlets, of which about a fifth are company-operated. 7-Eleven turns over about $4 billion a year.The Killara 7-Eleven was one of two properties that sold on sub 4 per cent yields at Tuesday’s portfolio auction put together by commercial real estate firm Burgess Rawson.
Both sales continue a trend that emerged last year of private investors, preferring to park their money in retail assets on long leases to major brands, rather than in equities or the devaluing housing market.