Emerald’s KFC outlet sells for $2.2 million
A POPULAR Emerald fast food restaurant has been sold for more than $2m in a transaction described as “an excellent investment opportunity”.
Brisbane-based Sentinel Property Group sold the KFC outlet on Hospital Road for $2.2m at an auction at Melbourne’s Crown Casino on October 30.
“Emerald and the Central Highlands is one of the most productive regions in the country,” Sentinel managing director Warren Ebert said.
“Sentinel has great confidence in the future growth prospects of Emerald and the wider Central Queensland region, due to its diversified local economy fuelled by agriculture, resources and infrastructure projects.”
Sentinel owns the Village @ Emerald shopping centre and The Plaza, and subdivided the land at 51-57 Hospital Road to sell it to Gokani-Robins Pty Ltd, a NSW superannuation fund trustee.
The new owners will receive a 4.94 per cent annual yield, currently $108,680, from KFC owner Collins Foods Limited, which has leased the property until August 2033.
“We had an opportunity to subdivide at The Village and created the retail outlet which has now become one of KFC’s top performing restaurants and offered an excellent investment opportunity,” Mr Ebert said.
“The offering was a high profile, freestanding restaurant on an expansive 1263sq m site with 20 car parks and directly next door to our Village @ Emerald shopping centre, which generates significant foot traffic.
“Sentinel acquired The Village, along with The Plaza at Emerald, which is anchored by Coles supermarket, in December 2014, and we have been committed to improvements to both shopping centres.”
The property adjoins the Woolworths-anchored shopping complex in Emerald.
It was sold through Raoul Holderhead of commercial real estate company Burgess Rawson, and settlement was on December 20.
The change of ownership does not affect the operation of KFC.
Written by Timothy Cox, CQ News