Albert Park 7-Eleven Corner Going to Auction
The home of a high-profile 7-Eleven in the heart of Albert Park will be sold at auction next month.
147 Victoria Avenue, a 179sqm tripled fronted landholding, has been occupied by 7-Eleven since August 1982, making it one of the longest-standing businesses in the bayside Melbourne suburb.
It sits on the corner of Danks Street along Victoria Avenue, a stretch of fashion retailers, cafes and restaurants that runs from Ferrars Street to Port Phillip Bay.
The convenience retail giant, who operate 600+ Australian stores, is currently on a five-year lease generating annual income of $118,000 + GST and expenses.
CBRE’s Melbourne Strip Retail Investments team of Rorey James, Nic Hage and JJ Heng will take the property to auction on March 18.
“This is a rare opportunity to secure a premium city fringe retail corner occupied by a prolific and longstanding business in 7-Eleven,” Mr James said.
“We anticipate good interest from investors who understand the value in the current lease, and value-add buyers with a longer-term view.
“The flexibly of the property through multiple street frontages provides potential for further retail activation along Danks Street or development in the future.”
Albert Park is an affluent city fringe suburb with a median house price north of $1.9 million, known for its iconic lake, beachside boulevard, excellent public transport and charming retail village.
“The Victoria Avenue shopping strip consistently records low vacancy,” Mr Hage added.
“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.”