Nearly $50m was splashed by investors at a commercial property auction in Sydney, of which almost half was spent on fast food outlets on long leases.
Already a subscriber?Developers of fast food outlets and childcare centres were the big winners at a sold-out commercial property auction in Sydney as cashed-up investors, seeking the safety of bricks-and-mortar assets on long leases, forked out almost $50 million in just a few hours of bidding.
All six including McDonald’s, Hungry Jack’s, Pizza Hut and Carl’s Jr restaurants, sold under the hammer of auctioneer David Scholes on a yield of 6.1 per cent.Joining in the action wasand his development partners, brothers Ben and Jono Isaac from Isaac Property Developments, who racked up another big result in Newcastle after selling a new childcare centre at the Burgess Rawson auction for $7.05 million on a 6 per cent yield.
“Both are prime real estate sectors in the current market. We set a record for the McDonald’s sale in March, but we’re very happy to be surpassed with today’s result ,” Mr Isaac said.
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