Deal Corp offloads growth corridor fast food restaurant
Deal Corp has sold a brand new fast food investment at Beaconsfield, in Melbourne’s outer south east Officer growth corridor.
The 275 square metre restaurant at 1/215 Princes Highway, leased to Collins Foods’ Taco Bell for an initial 10 years, fetched $3.82 million.
The lease agreement includes three per cent annual rent rises.
The 1099 sqm site, part of the Beaconsfield Service Centre, has 30 car parks.
Burgess Rawson’s Matthew Wright and Justin Kramesh, with Gorman Allard Shelton’s Jonathon McCormack and Gross Waddell’s Alex Ham were the agents.
Their deal comes 18 months after Nippon Property Group outlaid $43m for a 12.3 hectare residential development site neighbouring another it owns, on Rix Road, Officer.
Also last year, Satterley reinvested in that suburb – with a townhouse site beside the Princes Freeway.
Sydney based Bathla Group recently purchased in Officer too – paying Parklea’s Andrew Facey and Premier’s Greg Kilner c$25m for a low density housing estate site on Starling Rd; spreading 12.1ha, about 82 per cent (9.87ha) is developable.
Stonebridge Property Group’s Julian White, Dylan Kilner and Chao Zhang were the agents (story continues below).
Beaconsfield Taco Bell
Beaconsfield Service Centre’s other occupiers include BP, KFC and Carls Junior.
The retail asset neighbours a site earmarked for 108 townhouses and a Woolworths.
More than 58,000 cars pass it per day, the agents said.
The incoming owner of 1/215 Princes Hwy can claim $206,000 in depreciation deductions in year one, for taxation purposes, they added.
The purchase price reflects a 4.58pc net passing yield.
Beaconsfield is 48 kilometres from the city.
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