Inner city rarity snared

A local private investor paid $7.12m for the 7-Eleven service station at 999 Stanley St East, East Brisbane, after outbidding a range of would-be buyers at a recent Burgess Rawson auction.

Burgess Rawson’s Andrew Havig, who marketed the property with Campbell Bowers, said the asset attracted strong interest.

“It was really rare to get a brand new 7-Eleven service station so close to the city,” he said.

“It also had a single tenant with a very much sought after covenant.”

The site was the long-term home of the popular Cottage Garden Nursery and the Smug Fig cafe.

An entity controlled by developers OneFin Property, purchased the 1196sq m corner site for $2.3m in 2021.

Their DA attracted local opposition with a petition of almost 400 signatures complaining of increased traffic, flooding concerns, loss of parking and loss of the neighbourhood’s social fabric. However, the development went ahead and construction was finished in May 2022.

The property was sold with a new 12-year 7-Eleven lease to 2034 plus options to 2054, as well as 3 per cent fixed annual rental increases.

The sale realised a yield of 4.9 per cent.

Mr Bowers said East Brisbane was an affluent area and the property was only 800m from the Gabba and 2.5km form the Brisbane CBD.

“Is quite rare to see a brand new 7-Eleven this close to the city because land values are so high,” he said.

“The market is always strong for sites like that being brand new, so close to the city and with a national tenant.”

Burgess Rawson’s Campbell Bowers and Andrew Havig at the 7-Eleven service station at 999 Stanley St East, East Brisbane.