Quick service retail investment collects $11m
Firefly Property has sold the Deagon Travel Centre, north of Brisbane, after seven years.
The division of asset manager and developer Firefly Future is collecting $11 million for the 5555 square metre holding, 11 Depot Road, near a Gateway Motorway portal.
It paid $7.25m.
With a Hungry Jacks, Pearl Energy service station and car wash, it was offered this time with a weighted average lease expiry by income is 7.1 years.
There are also 42 car parks.
The buyer, a Sydney based private investor, is picking it up on a 6.23 per cent initial yield.
CBRE’s Harrison Coburn was the agent.
“This sale highlights the strength of the quick-service restaurant sector and the continued appetite for high quality, long-leased assets,” he said.
Deagon is 16 kilometres from Brisbane’s CBD.
Subscribe to our newsletter at the bottom of this page.
