Investor snaps up Toowoomba asset for eye-watering amount
A NEWLY-built Toowoomba service station and McDonald’s restaurant has been sold for more than $8 million to a Queensland investor.
Burgess Rawson confirmed the massive sale last week for the property, which is based on Main St in Westbrook.
The property was built by Hallmark Property Group, who also sourced the national tenants.
Lead agent Doug Doyle said investors were falling over each other to buy the “incredibly rare” asset, which eventually sold for $8.62m.
“We received more than 150 inquiries across the entire campaign and had eight registered bidders from across the east coast, all vying for the opportunity to secure the highly desirable asset,” he said.
“The chance to secure a McDonald’s-tenanted site is certainly an incredibly rare opportunity, let alone one that is paired with a 7-Eleven, with the new construction also offering highly desirable tax depreciation benefits that have the new buyer incredibly well placed.
“While registered bidders spanned New South Wales, Queensland and Victoria, an astute Queensland investor ultimately secured the site on a tight 5.2 per cent yield after very competitive bidding,”
McDonald’s Australia holds a 10-year lease on the site with options to 2040, while 7-Eleven is also secured until 2033 on a 15-year lease, plus options to 2053.
The site dominates the entrance to Westbrook with a more than 200m frontage in a high-profile gateway location, guaranteeing high daily traffic flow from the Gore Highway as the only service station within five kilometres.