A Melbourne investor has paid $6.65 million – reflecting a low 3.1 per cent yield – for a McDonalds leased restaurant in Sydney.
The 18 month old asset, 2 Lexington Drive, Bella Vista, is at an entrance to the Norwest Business Park.
The estate is about 33 kilometres north west of the city.
Colliers International’s Paul McGlynn and Harry Bui were the sales agents.
They said premium quality investments remain highly sought after by high net worth buyers (story continues below).
The Norwest region, the agents added, is set to benefit from infrastructure investment past and present.
“Norwest is in the suburb of Bella Vista which is surrounded by major state and federal government infrastructure projects, specifically the North-West Metro, which opened in May 2019, North Connex due to open next month, the redevelopment of Parramatta CBD (11km south) and establishment of the…second Western Sydney Airport (43km west of 2 Lexington Dve),” according to Mr McGlynn.
“These infrastructure projects coupled with substantial increases in new residential dwellings and population growth locally will rejuvenate and promote Western Sydney, helping the area to become a major economic powerhouse”.