Rare chance to own a top-performing KFC outlet
One of Queensland's top performing KFC retail sites, just north of Brisbane, is expected to attract plenty of interest when it goes up for auction on Wednesday.
The restaurant at 154 Morayfield Rd, Morayfield, will be up for grabs at Burgess Rawson's upcoming September Flagship Portfolio Auction.
The 300 sqm building sits on a 1820 sqm corner block, ideally located in the heart of Morayfield, with the tenant, KFC, wholly owned by Queensland's subsidiary of ASX Listed Collins Food Ltd, which boast a $1.15 billion market cap.
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.
Burgess Rawson Sales Director Glenn Conridge said the site is perfectly located to take advantage of ongoing growth in the area.
"The site is ideally perched among Morayfield's major retail centre and the 'Golden Mile' stretch of road which sees more than 33,000 motorists every day, so investors can know it's a finger-licking-good investment," Mr Conridge said.
"The Morayfield KFC is also one of QLD's best performing retail stores with massive year-on-year turnover, a generous five per cent of which (above threshold) also goes into the new buyer's pocket annually."
Other commercial sites along Morayfield Rd have fetched millions this year including the Westpac Bank branch which sold for $2.6 million.
Mr Conridge said Morayfield was a booming region creating plenty of interest.
"Interested investors will certainly note the current development plans and support the region has received from local and state governments as another big tick, including a $9.5 billion 'Principal Activity Centres' project growth plan that aims to create more social, economic and employment opportunities," he said.
The auction will take place at 11am at the AuctionWorks Venue on The Mezzanine Level at 50 Margaret Street in Sydney.
Originally published as Rare chance to own a top-performing KFC