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