$6m for Pizza Hut, Subway, Burrito Bar and more
If investors are as hungry as the customers at this strip of shops in Townsville, there’ll be plenty of potential buyers ready to put it on their menu.
The retail hub, which has eight shops leased to a host of food outlets, is on the market with price expectations of around $6 million.
Among the tenancies are major brands including Pizza Hut, Subway, a Night Owl convenience store, Burrito Bar, Second to None Nutrition and a kebab shop.
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The site, at 109 Thurwingowa Drive in Kerwan, sits beside a major arterial and spans 3630sqm, with the building occupying almost 1000sqm.
It also has 50 car parking spaces and currently attracts annual rent of $516,000, which would represent a yield of more than 8% if the owners’ $6 million price expectations ring true.
Colliers International associate director Neville Smith, who is marketing the property, says the local owners have been buoyed by the performance of other commercial assets within the Townsville market.
“The owners have decided to sell the asset on the back of solid sales results,” Smith says.
Smith adds that the scale, location and tenancy mix of the property give it a major edge.
“Multi-tenanted retail investments of such quality are hard to come by. It has a fully leased net income of $516,000 per annum and should achieve a solid result.”
The retail centre is for sale via expressions of interest, which close on November 9.