New convenience retail investment collects $9m
A new convenience retail investment at Robin Vale, west of Bathurst’s CBD, has traded for $9.15 million.
The result for the 3583 square metre asset, 98 Corporation Avenue, also fronting the Mitchell Highway, reflects a six per cent yield.
7-Eleven, Red Rooster and Subway are the tenants; the weighted average lease expiry is 11.7 years.
The holding also includes 25 car parks.
Spectrum Retail was the seller.
Stonebridge’s Michael Collins, Tom Moreland and Brett O’Neill were the agents.
Robin Hill is about four kilometres from central Bathurst (story continues below).
McDonald’s buys balance
The retail investment replaced a car yard selling Nissan, Subaru and Suzuki, which failed to lease following a public campaign in late 2020.
Another portion of the block, at the corner of Bradwardine Rd, sold to McDonald’s for a restaurant.
“We are witnessing increased investment activity across the fuel and convenience retail market, driven by the stronger risk-adjusted returns on offer compared to other freestanding asset classes such as standalone fast food and childcare investments, which continue to trade at sub 5pc cap tates in some locations,” Mr Collins said.
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