Griffith spends $9m for QSR investment, land
Griffith Group has bought a service station and Beefy’s restaurant at Ningi, near Bribie Island.
The 7000 square metre V-shaped holding, 1102-1108 Bribie Island Road, set the group led by Greg Devine back $8.7 million – a 7.3 per cent net passing yield.
7-Eleven is committed until 2028. With options it can stay 10 more years.
Beefy’s, with a drive-through, is on a lease expiring 2031 or 2041 with options.
A car wash and retail tenancies contribute to 23pc to the income.
The lease agreements include rent rises between 3-4pc over CPI.
Ningi, part of the Moreton Bay region, Queensland’s third fast growing municipality, with a population of c480,000, is about 42 kilometres north of Brisbane’s CBD (continues below).
Development upside
Also exposed to Bestmann Rd, 3880 sqm of the Ningi holding is available for immediate development. Bribie Island Rd is the thoroughfare to Bribie Island.
That boundary is passed by over 25,000 vehicles a day.
Burgess Rawson from CBRE’s Josh Scapolan and Tom Lawrence were the agents.
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