Geelong 7-Eleven and Red Rooster asset sells for $9.41 million
A newly built service station and fast-food investment at the gateway to Geelong’s Armstrong Creek precinct has changed hands in Victoria’s largest service station sale of 2026.
The , a convenience retail centre with 7-Eleven and Red Rooster as long-term tenants, sold for $9.41 million at a 5.49 per cent yield. The property, at the entrance to Armstrong Creek Town Centre, about 8.5 kilometres from the Geelong CBD, was sold to a local private investor after a competitive expressions-of-interest campaign, which saw both private investors and syndicates come to the table.
Together, the leases provide an estimated net income of $516,838 a year, a weighted average lease expiry of 10.1 years by income, and fixed annual rental increases. As a near-new development, the property also offers depreciation benefits and potential stamp duty savings for eligible purchasers.
JLL retail investments’ Romanor Falconer brokered the deal alongside Dominic McGrath, in conjunction with CBRE private wealth’s Jamie Perlinger and Matthew Wright.
Falconer says the quality of the tenancy profile and the location within one of Australia’s fastest-growing residential catchments drove strong buyer competition.
“The combination of two long-term net leases with fixed rental growth and an irreplaceable corner landholding at the gateway to one of the country’s fastest-growing communities proved compelling,” he says.
Falconer says the result demonstrates that premium pricing remains achievable for newly completed convenience retail assets that offer secure income and strong underlying fundamentals.
“This represents the sharpest yield achieved for a Victorian regional service station-anchored investment in 18 months, and at $9.41 million it is also the largest price achieved for a service station in Victoria this year, demonstrating that modern convenience and fast-food assets underpinned by long WALEs and blue-chip covenants remain capable of achieving premium pricing in the current market,” he says.
The triple-fronted 3417-square-metre corner site occupies a highly visible position at the intersection of the Surf Coast Highway, Rivernook Street and Lagoon Street, directly opposite the region’s expanding retail precinct. Around 39,000 vehicles a day pass the property, whose neighbours include Coles, Woolworths, McDonald’s and Hungry Jack’s.
Armstrong Creek has rapidly emerged as the City of Greater Geelong’s primary growth corridor, with its population increasing by around 60 per cent since 2021. That figure is forecast to grow by a further 56 per cent by 2046 as new housing, retail and community infrastructure continues to be delivered.
The broader Geelong region is expected to reach a population of 500,000 by 2047, supported by more than $16 billion worth of infrastructure projects either underway or recently completed.
Perlinger says investors are increasingly targeting essential-service assets positioned to benefit from long-term population growth.
“Armstrong Creek is the engine room of Geelong’s growth, and the purchaser recognised the significant infrastructure investment and population growth occurring across the region,” he says.
“Investors are increasingly prepared to compete hard for newly built, essential-service investments in locations with this calibre of demographic tailwind – and the depth of private capital we saw throughout the campaign reflected exactly that.”
