Australia’s first KFC for sale
The west Sydney site which housed Australia’s first KFC in 1968 is for sale.
Now a convenience retail investment, 272-274 Woodville Road, Guildford, could collect over $13 million assuming a sub 5.2 per cent yield.
On 4930 square metres it is passed by more than 50,000 cars a day, according to Ray White Commercial selling agents, Joseph Assaf, Peter Vines and Victor Sheu.
It is in a residential growth corridor too, they added.
The listing comes three years since a Dulwich Hill backed KFC traded for $4.26m, setting a then-record low yield for an asset of this type, of 3.17pc (that watermark was later broken by a Foster restaurant, trading at a 2.93pc return the year later).
Also in Sydney’s west but much closer to town, Dulwich Hill is about three kilometres to Earlwood, where that suburb’s KFC, at 27 William Street, replaced the childhood home of former prime minister John Howard.
In 2019, meanwhile, KFC chose Newcastle as the location for its first Australian drive-thru only store (story continues below).
Australia’s first KFC no more
KFC opened at Guildford 38 years after the company was established, but four years after the founder, Colonel Hardland Sanders, sold it to investors (Colonel Sanders famously established the restaurant at age 62 and stayed on as an ambassador until his death in 1980, at 90).
The property sold to the current vendors for $2.5m in 2009; they were responsible for repurposing the then recently vacated KFC, Hungry Jack’s and 100-bay car park (image, top), into a diversified retail asset.
The Cheesecake Shop, Oporto and 7-Eleven, which trades 24 hours, are key occupiers.
The net annual passing income is c$673,000.
Subscribe to our newsletter at the bottom of this page.
