The Victorian syndicator that owns several WA retail assets has bought a 7-Eleven for $5.1 million.
Victorian investment firm Fawkner Property has purchased an East Bunbury service station from Tomahawk Property managing director Tom Carmody for $5.1 million.
Fawkner, which purchased Mirrabooka Square for $195 million from Perron Group in 2021, has purchased a newly constructed service station at 8D Picton Road.
The asset is leased to 7-Eleven under a long-term deal.
Fawkner Property also entered a joint venture with Hong Kong’s PAR Group to buy Midland Gate last year, when the asset sold for $465 million.
The syndicator owns several service stations and retail assets nationally.
Colliers state chief executive Richard Cash and executive of investment services Aidan Austen brokered the deal for the East Bunbury asset, which attracted strong interest.
“7-Eleven, East Bunbury, presented a blue-chip, long-term leased investment with a secure, extended lease with an international covenant,” Mr Austen said.
“In addition to annual rental growth and tax depreciation benefits, the sale reflects the demand for service station assets with strong covenants in metro as well as non-metro locations.”
According to Colliers, more than $41 million of service stations have sold in Western Australia this year, to an average yield of 7.18 per cent.
The East Bunbury property sold at a 6.92 per cent yield, indicating its higher value relative to the average.
