Geraldton QSR investment sells for $10.2m
A prominent quick service retail investment at Mahomets Flats has sold for $10.2 million – a 6.46 per cent net passing yield.
The 6218 square metre holding, 1 Fortyn Court, also exposed to the Brand Highway, contains six tenancies – five marketed and built by M/Group in 2020.
The other, a building occupied by Chicken Treat, stood years longer.
M/Group outlaid $3.6m for the property in late 2019.
The off-market disposal was managed by Realmark Commercial’s Fletcher Wolpers and Michael Richardson.
1 Fortyn Court
Hungry Jack’s, Metro Petroleum, Domino’s and Ultra Tune are the highest profile occupants at 1 Fortyn Ct.
The weighted average lease expiry is just over seven years.
“This transaction shows covenant remains strong no matter what location,” Mr Richardson said
“Investors are not just looking at the site but the tenants and their lease tenure,” he added.
Mahomets Flats is about two kilometres south of Geraldton.
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