State’s best KFC sells for $5m

One of the state’s best performing KFC restaurants has sold for more than $5 million at auction.

The Morayfield KFC went under the hammer as part of the Burgess Rawson Flagship Portfolio Auction on September 23.

KFC has tenanted the site for the past 30 years, currently returning a net income of $269,608 per annum plus GST on a renewed five-year lease with options extending to 2029.

Director of Sales Glenn Conridge said it was purchased by a private investor from Melbourne for $5.47 million.

“It exceeded expectation a little, we thought it would be bought for something lower in the $5 million range,” Mr Conridge said.

“There was strong interest from interstate buyers.”

It is just one of dozens of properties in the Moreton region that have been snapped up by investors for millions in the past 12 months.

Ray White Northern Corridor Group Senior Analyst Ashley Rees said in the past 18 months sales had boomed.

An investment syndicate purchased a multi-tenanted showroom centre at Burke Crescent, North Lakes, sold for $22.5 million.

The top selling properties in Caboolture industrial and commercial hubs have sold from $3.5 -$1.8 million.

Mr Conridge said the northern Brisbane corridor was so attractive to investors due to the predicted population growth and high level of housing development – particularly the Caboolture West precinct.

He noted that many of the properties were being sold to investors who had never even visited the site due to COVID-19 restrictions.

by Erin Smith, Queensland Times