Guzman y Gomez fetches $5.2m for Brix, Costa
Brix Property Group and Costa Asset Management have sold down another piece of a major Melbourne development.
The month-old Guzman y Gomez at 300 Frankston-Dandenong Road, Seaford (pictured, top), collected $5.23 million – a 4.35 per cent net yield.
The restaurant is committed an initial 20 years.
The buyer is a local investor who agreed to the purchase pre-construction.
It settled this quarter.
“The result reflects the continued appetite for high quality, nationally leased fast-food investments,” Leiba Commercial director, Mark Leiba, who brokered the deal, said.
“Strong buyer competition enabled us to achieve an excellent off-market outcome,” he added.
Seaford is about 35 kilometres south of Melbourne’s CBD (continues below).
Site sell down
The restaurant occupies a piece of a 6.65 hectare block Brix and Costa bought for $19 million in 2021.
That seller, the Dodge family’s Point Property Group, planned a mixed-use project, with a Coles anchored supermarket, Liqourland and 11 specialty stores.
That plan also included a 50-lot residential subdivision.
Brix has instead replaced the land with commercial product including, so far, with the Compass Business Park – with 12 office/warehouses – a Starbucks, StorHub and Planet Fitness.
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