Coffs Harbour Red Rooster secures $2.2 million sale
Fast-food chain Red Rooster's outlet at NSW's Coffs Harbour kicked off Burgess Rawson's 100th portfolio auction, selling under the hammer for $2.2 million.
The 5/380 Pacific Highway eatery is on a renewed lease to April 2021 with three five year options.
It is a modern freestanding 291 square metre building built in 2006. The store has indoor and alfresco dining, a drive thru and parking space.
It sits alongside McDonald's BP, Gloria Jeans and Subway.
Net income from the lease is $109,873 pa + GST, working out for a yield of about 5%.
It has fixed annual 3% rent increases.
The selling agents were Michael Vanstone and Dean Venturato.
Coffs Harbour is a beachside city with a population of more than 200,000 people and is a six-hour drive north of Sydney.
Beginning in 1975, Burgess Rawson established a nationwide network of offices and is Australia's largest locally owned and operated commercial property agency, marketing more than 10,000 properties and generating sales in excess of $25 billion over the past 40 years. For more information, click here.
