Buyers Hungry For Investment Asset With The Lot 05-08-16

PHIL BARTSCH

A NORTHSIDE property occupied by a Hungry Jack’s fastfood outlet has sold at auction after attracting bidders with a supersized appetite for fullyleased investment assets.

It was snapped up with a winning bid of $2.666 million by a Brisbane-based private investor in a self-managed superannuation fund play.

The strata-titled property at Arana Hills comprises a net lettable area of 301sq m in one of three detached buildings of a 12-lot retail complex.

On the corner of Patricks and Dawson roads, it was purpose- built as a drive-through casual dining outlet and is leased to Hungry Jack’s until June 2022. It generates a rental income of $153,755 a year, reflecting a yield of 5.75 per cent.

Marketing agents Trent Bruce and Hudson Dale from Raine & Horne Commercial fielded more than 100 inquiries from potential buyers in the lead-up to the auction.

Mr Bruce said there were about 10 registered bidders on the day, including both local and interstate investors.

“Bidding was very competitive right from the start,” he said. “These assets are highly sought after and it’s really all about the long-term lease and quality of the tenant.”

Mr Dale said although it was strata-titled and not a freestanding holding it still attracted a strong level of interest.

“Apart from the secure lease covenant, the asset is in a prime, high-profile corner position – adjacent to Arana Hills Plaza shopping centre – with maximum exposure,” he said.

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https://www.rhcommercial.com.au/brisbanenorth/cms_lists/1442/cms_pages/16252