Canberra buyer snaps up Wangaratta Hungry Jack’s for $2,005,000 at auction

Wangaratta’s Hungry Jack’s fast food outlet has sold for a figure above pre-sale expectations in the first major test of the commercial property market during the COVID-19 pandemic.

The restaurant, which forms part of a shopping centre complex consisting of Kmart and Coles, sold on Wednesday for $2,005,000 to a Canberra-based buyer.

Agents Burgess Rawson estimated the property could sell for around the $1.85 million mark.

The Hungry Jack’s outlet has a recently renewed five-year lease in place with options extending out to 2027 for its new owner.

The Wangaratta Kmart store recently survived the purge of Target and Kmart outlets announced by parent-company Wesfarmers.

Wangaratta’s Hungry Jack’s was officially opened in 2009 by former mayor Ron Webb.

Written by David Johnston, Border Mail