This article is from the Australian Property Journal archive
A KFC drive-through restaurant in Bundaberg West sold for $4.55 million yesterday, rounding out a week of portfolio auctions headlined by fast food investments.
The Brisbane edition of the Burgess Rawson portfolio auction followed events in Sydney on Tuesday and in Melbourne on Wednesday which saw $100 million worth of fast food outlets, childcare centres, medical centres and retail properties change hands.
A more modest $12.75 million traded yesterday.
The KFC – trading from the site for 52 years – sold on a 4.87% yield, with a brand-new 10-year lease plus options to ASX-listed major franchisee Collins Foods.
A freestanding Red Rooster restaurant in Inala with a head office lease was passed in on a bid of $3.6 million, which represented a 4.71% yield.
On Tuesday, Griffith Group was selling down a fistful of fast good assets within its Bayview Centre in Warrawong, netted $31.75 million of sales on the day. Those were headlined by the $12.826 million sale of a McDonald’s, on more than 3,000 sqm of land with a renewed 20-year lease and which traded on a 4.1% yield.
Also selling yesterday was a 5,099 sqm Puma fuel and truck stop in Townsville’s Garbutt, for $2.881 million on a 7.26% yield, and a liquor and convenience retail building in the Bundaberg suburb of Kepnock, for $1.501 million at 7.23%.
