Neighbouring 7-Eleven, Starbucks sell for $10.2m
Nic De Luca has sold neighbouring near-new assets in Brisbane’s inner-north.
The convenience retail investment – a 7-Eleven – and quick service restaurant asset, a Starbucks, in Toombul Road, Northgate, collected a combined $10.2 million.
The blended yield was 5.5 per cent.
“The strength of enquiry across both campaigns confirms the strong appetite for newly constructed convenience and fast-food investments in established metropolitan locations where assets of this kind rarely come to market,” added Stonebridge Property Group’s Tom Moreland, who brokered the deal with Harry Curtain, Michael Collins and Thomas Proberts.
One asset much pricier than the other
Completed by De Luca Corporation in 2023, the assets are passed by over 40,000 vehicles a day.
The 7-Eleven is the priciest.
On 1990 square metres zoned Specialised Centre, with 12 car parks, at 175 Toombul Rd, it returns annual rent of c$356,737.
Applying a 5.5pc yield, the sale price, which is undisclosed individually, would circle $6.5m.
The initial lease expires in 2035 with fixed three per cent rent rises.
The tenant also picks up outgoings including council rates, insurance and general repairs and maintenance (continues below).
With options, it can stay until 2055.
The Starbucks on 2594 sqm at 187 Toombul Rd, with the same zoning, contains a drive-thru and 23 car parks.
It also leased until 2035 or 2055 with options.
The present net annual returns is $204,873.
Applying a 5.5pc yield, the value circles $3.72m.
Northgate, an established suburb nine kilometres from the CBD, serves an affluent catchment.
Nearby national retailers include Amart, BCF, Chemist Warehouse, Bunnings, Guzman y Gomez, McDonald’s, Officeworks and Supercheap Auto.
The properties are also near a major industrial and logistics precincts.
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