In a case of history repeating, a KFC restaurant has sold for a price reflecting a record low yield for a fast food property.
The asset, 75 The Lakes Way, Foster, 300 kilometres north of Sydney, collected $2.83 million at auction on Tuesday.
The price reflects a 2.93 per cent return.
It breaks a watermark set last March when another KFC backed fast food restaurant – 498-500 New Canterbury Road, in Sydney’s Dulwich Hill – traded for $4.26m, or a 3.17pc yield, following a Cushman & Wakefield campaign.
Berrinba, Mudgee assets earn $8.9m
Elsewhere in regional NSW on Tuesday, Mudgee’s KFC sold for $3.7m (a 4.98pc yield), while in Berrinba, about 25 kms south of Brisbane, an outlet earned $5.16m or a 3.35pc return (story continues below).
Burgess Rawson’s Dean Venturato and Rhys Parker brokered the Foster sale.
Colleagues Darren Beehag and Simon Staddon negotiated Tuesday’s other NSW deal.
Billy Holderhead, Matthew Knight, Zomart He and Glenn Conridge, from the same agency, marketed the Berrinba asset.
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