A new Carl’s Jr restaurant that only opened its doors last March in the fast-growing Caboolture region has sold for a hefty $5.1 million under the hammer.
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The transaction involving the global fast-food chain’s brand new, state-of-the-art freestanding dual drive-thru facility was part of a portfolio auction conducted by Burgess Rawson earlier this month in Sydney.
The successful sale of Carl’s Jr Morayfield highlighted the robust investor appetite for prime fast-food real estate assets. Nearly 120 bids were received across six properties auctioned, with all of them finding new owners and generating over $20 million in total sales.
Developed by the Fortitude Valley-based Belmonde Property Group, the Carl’s Jr restaurant was secured by a buyer on a 5.1 percent yield after being offered with a 15-year lease.
Its strategic position adjacent to major shopping centres like the Woolworths-anchored Market Plaza and Leda Property’s Morayfield Shopping Centre, which attract over 6 million annual visitors combined, was a key selling point.
The location offers high exposure to the busy Morayfield arterial road with over 33,000 vehicles per day and direct access. Other fast-food titans like McDonald’s, Hungry Jack’s, and Pizza Hut were also among the auctioned properties.
In a separate transaction, Belmonde Property Group pocketed another $7.985 million through the sale of an EG petrol station with an Oporto restaurant next door to the Carl’s Jr site. That asset changed hands on a 6.1 percent yield.
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The strong investor interest and record prices demonstrated the premium pricing for fast-food outlets with long leases from major tenants in growth corridors across Southeast Queensland.
Featured image credit: belmonde.com.au
Published 23-May-2024
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