Investors are expected to dine out on a Hungry Jack’s restaurant at Caroline Springs, which is expected to be the first Melbourne fast food freehold to change hands in more than two years.
The restaurant and its prime gateway site at 1342-1350 Western Highway will go to auction at Burgess Rawson’s first Investment Portfolio Auction of the year at Crown Casino on Wednesday, February 27.
If successful, it will be the first fast food freehold to sell in metropolitan Melbourne since another Hungry Jack’s traded at Ringwood in the city’s east in December 2016, according to Burgess Rawson agents.
Hungry Jack’s, which has operated from the substantial 3669 sqm site since 2003, recently signed a new five-year lease, with options through to 2033.
Burgess Rawson director Raoul Holderhead says the property is being quoted at $2.85-$2.9 million pre-auction, which he says would represent outstanding value.
“It’s a super corner. It’s buy, set and forget. Hungry Jack’s own all the improvements and are responsible for any works,” he says.
“If and when their lease expires, it’s up for renegotiation, or alternatively you’ll have one of the best sites going around out in the west.”
The property is exceptionally located amongst national retailers including Bunnings Warehouse and Officeworks, with other major brands mooted to be moving to the precinct.
“There’s a development happening across the road on Caroline Springs Boulevard, and Dan Murphy’s have been heavily linked to that site,” Holderhead says.
The Hungry Jack’s also has 117m of street frontage, 42 on-site car spaces and exposure to huge traffic numbers passing daily.
Burgess Rawson’s first Investment Portfolio Auctions of 2019 are set to signal a big start to the year, with 50 properties valued at up to $30 million on the block across two days in Melbourne and Sydney.
The property will be auctioned in Crown Casino’s River Room in Melbourne at 11am on Wednesday, February 27.
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Written by Adrian Ballantyne, Real Commercial
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