Albert Park 7-Eleven set to go under the hammer next month
It’s been home to convenience retail giant 7-Eleven for nearly 40 years but this corner shop in Albert Park is going under the hammer and is expected to appeal to investors and developers.
Inner South
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The home of a high-profile 7-Eleven in the heart of Albert Park will go under the hammer next month.
The convenience retail giant has leased the building at 147 Victoria Ave since 1982, making it one of the longest-standing businesses in the picturesque suburb.
The triple-fronted property, on the corner of Danks St, is expected to fetch more than $2 million at auction.
The store is leased to 7-Eleven for the next five years under a deal which generates more than $118,000 each year.
It last sold for $1.77 million in October 2014.
CBRE’s Melbourne strip retail investments team member Rorey James said the sale was “a rare opportunity” for people to buy into a tightly-held shopping strip.
“We anticipate good interest from investors who understand the value in the current lease, and value-add buyers with a longer-term view,” he said.
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“The flexibility of the property through multiple street frontages provides potential for further retail activation along Danks St or development in the future.”
CBRE’s Nic Hage said the Victoria Ave shopping strip consistently recorded low vacancy rates.
“The affluence of the Albert Park demographic supports local business and the experience of walking from your home to the shops is part of residents’ way of life,” he said.
The store will go under the hammer on March 18.