New Guzman y Gomez sells for record price
Griffith Group has sold a new Guzman y Gomez drive-thru for $12.275 million – a national record for a quick service restaurant investment leased to the fast-food chain.
The Thornleigh property, 182 Pennant Hills Road, attracted six offers, with contracts exchanged unconditionally in 14-days.
The buyer is a local private investor.
The deal comes a year since a McDonald’s at Glendale in the City of Lake Macquarie sold for $11.65m reflecting a 3.86 per cent net passing yield.
Guzman y Gomez Thornleigh by comparison is trading on a 5.3pc return.
The incoming owner will be able to claim full depreciation benefits for tax.
Guzman y Gomez Thornleigh
The previous Guzman y Gomez backed asset to sell for eight figures was in Albury, at the Victoria/New South Wales border, where a complex also with Oporto at Lavington traded for $10m – a 4.27pc yield last September.
Earlier this year, an investment leased to the Mexican restaurant chain at Melbourne’s outer south-east Clyde North collected $5.9m.
That deal reflected a 4.65pc return (continues below).
The Thornleigh property, on Sydney’s Upper North Shore, is secured by a 20-year lease, with fixed three per cent annual rent rises.
The tenant pays all outgoings.
With options it can stay until 2076.
The 2682 square metre site with 30 car parks is passed by some 33,482 vehicles a day.
Stonebridge Property Group’s Tom Moreland, Michael Collins, Rory Alexander and Aike Sakeson were the agents.
“We continue to field strong interest for fast food investments, which are tightly held and have stood the test of time through many market cycles. Investors across this asset class take a particularly long-term view,” Mr Collins said.
“This is reflected in the depth of interest across high profile campaigns such as GyG Thornleigh,” he added.
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