Investors hungry for this prime Ipswich site
A LARGE chunk of prime Yamanto real estate featuring two fast food giants is on the market and attracting plenty of attention from investors.
Ipswich locals might be familiar with the 8773sqm site on the corner of Warwick Rd and Leonard St, which has recently been developed into a small shopping precinct featuring Hungry Jacks, KFC and a strip of other shop spaces.
Colliers Internation Real Estate agent Richard Blanch said the site also featured a significant area of undeveloped land where more shop space could be built, with a development approval for retail and commercial use in place.
“We are entering the fourth week of the campaign and we’ve had in excess of 80 enquiries,” Mr Blanch said.
“There is a lot of demand for this type of investment, which you could attribute to the lower interest rates.
“People are looking for somewhere safe to put their money.”
While the row of shops at the back of the property are vacant bar one, the tenants at the front - KFC and Hungry Jacks, are subject to 15 and 12-year leases respectively.
Colliers estimates the combined net annual income to be $600,000.
“We’ve had a lot of developers looking at the site, with good interest from those who you’d associate with larger scale develpment who are now looking for something smaller.”
Expressions of interest close July 27.