This article is from the Australian Property Journal archive
FAST food properties were on the menu for commercial property investors at a Queensland portfolio auction yesterday, with Domino’s, Red Rooster and Guzman Y Gomez restaurants all selling under the hammer.
Five properties sold under the hammer at the Burgess Rawson event, which followed auctions in Sydney on Tuesday and Melbourne on Wednesday.
The Domino’s in Rockhampton’s Berserker sold for $1.39 million, on a 4.50% yield. The 1,515 sqm site has a nine-year lease to the ASX-listed company – Australia’s largest pizza chain – with two five-year options.
Brand-new neighbouring drive-through outlets in the Ipswich suburb of Ripley were snapped up next. The Red Rooster, on a 1,823 sqm site, has a brand new 10-year head office lease with options to 2053 and sold for $2.765 million, on a 5.03% return. Next door, the Guzman Y Gomez fetched $4.015 million, at 4.76%. The 2,483 sqm dual-lane drive-through site has a 12-year head company lease to 2035 with options to 2071.
Another Red Rooster, in the Mackay region’s Mount Pleasant, sold for $2.867 million, on a 6.00% yield. Red Rooster has a renewed seven-year lease to November 2030 over the 1,900 sqm corner drive-through site.
Also selling was an allied health medical investment in Parramatta Park, Cairns for $3.655 million, on a 5.75% yield. The 422 sqm commercial building is occupied by Royal Rehab on a new 10-year deal with five-year options, and is on a 1,159 sqm landholding.
