Perth, 18 November 2014 – The doors have opened for trade at Western Australia’s first 7-Eleven franchise store on the High Street mall in central Fremantle.
The site bears all the hallmarks of a classic 7-Eleven location, located opposite the lively National Hotel, with the Fremantle train station to the north and the South Terrace cappuccino strip to the south, and the Notre Dame University precinct to the west.
CBRE’s Craig Olde secured the new tenant on behalf of Hanny Properties. Mr Olde said he had identified the location as a prime site for the convenience retailer and introduced discussions with the owner Joseph Geha.
Mr Olde said; “The owner’s father signed the previous tenant a nearly 40 years ago, with not a single day of vacancy in that time. I imagine a similar scenario for this new tenant, and it may be the next generation or beyond before a new lease is sought.”
“It is well known that investments secured with a 7-Eleven covenant transact at lower yields than other similar retail properties. Whilst the deal was at market rent for the high profile corner, the owner has actually increased the value of his property due to the tightened yield. Only a retail site with a bank tenant would transact at a sharper yield than a 7 Eleven anchored site,” Mr Olde added.
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