03-10-14 - Food hub tempts buyer

Phil Bartsch

A FAST food and takeaway retail hub in a rapidly growing area north of Brisbane has been scooped up by an offshore investor in a $5 millionplus off-market deal.

The property on 5020sq m at 1650 Anzac Ave, North Lakes, has a gross floor area of 886sq m with 10 tenancies.

It was purchased for $5.575 million on a yield of about 8.3 per cent ($465,000 a year net) with one 77sq m vacancy.

The asset’s tenant mix includes Red Rooster, Subway, The Cheesecake Shop and several other food-related businesses.

Trent Bruce and Nick Bandiera from Raine & Horne Commercial negotiated the deal.

Mr Bruce said although it was an off-market transaction there were “a couple of nibbles” from other investors before the offshore buyer swooped to secure the asset.

“North Lakes is going from strength to strength and as a result of its growth investors are increasingly seeing value in the area,” he said.

Mr Bandiera said the new owner had other retail/commercial holdings in Brisbane and was looking for more opportunities to invest.

He said the North Lakes property appealed as a longterm investment because it was only five years old and strategically located at the intersection of two major thoroughfares — Anzac Ave and Discovery Drive — in an area with a growing catchment.