Footballer turned property developer Andrew Welsh has listed a Carl Jr restaurant under construction at Armstrong Creek.
The investment – on an 1853 square metre pad site beside the Armstrong Creek Town Centre the executive also developed – could sell for more than $5.5 million assuming a sub five per cent yield.
Upon completion mid-next year, the occupier will commence a 12 year lease; its agreement allows for fixed three pc annual rent rises.
The listing comes seven months since a Carl Jr backed restaurant at Thomastown, north of Melbourne, traded for $6.4m – a price reflecting a 4.6pc return.
HomeCo a suitor
In April, Mr Welsh’s Wel.Co sold the Armstrong Creek Town Centre for $55.6m.
Not long after, the developer offloaded neighbouring essential services-backed buildings – rented to Dan Murphy’s, Hungry Jack’s and KFC – for $21.5m (story continues below).
The buyer in both these instances was Home Consortium, which is holding them in its Daily Needs REIT.
“With increased convenience of travel to and from the Melbourne CBD, coupled with the growing demand for sea change lifestyle, the Armstrong Creek main trade area is forecast to reach 101,860 by 2031,” Mr Tong said.
“The growth in Armstrong Creek and Bellarine Peninsula is unprecedented now,” he added.
Last week we reported Oreana paid $7m for a 1.28 hectare corner block opposite the Warralily Shopping Centre with plans for a bulky goods centre.
Armstrong Creek is about 10 kilometres south of Geelong.
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