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The KFC in Mentone, south-east of Melbourne, has been listed for sale.
The property at <a href="http://commercialpropertysearch.savills.com.au/2a91c294-1680-e911-80db-005056813885/Sale/Mentone/157-159-Nepean-Hwy" target="_blank">157-159 Nepean Highway</a>, 21 kilometres from the Melbourne CBD, last sold under the hammer at an auction event at the Crown Casino in 2013.
It was pushed to $3,505,000 by two Asian investors after bidding opened at $2.8 million.
The rental income has increased since its sale six years ago when it sold on a gross yield of around 6.5% based on rent of around $227,167 per annum.
Now it is being offered, on a 12 year term with options extending to 2043, with a return of $262,836 per annum.
Over 57,000 cars pass the 2,360 sqm site daily that is zoned Commercial 1. There are 35 on site car parking spaces.
When it traded in 2013 it had had a $350,000 upgrade.
Savills agents Benson Zhou, Yvonne Zhou and Julian Heatherich are marketing the property that has been home to KFC for around 25 years.
 
 
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jrobinson-rf4aSBido9

KFC Mentone up for sale

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A local investor has snapped up a KFC in Mentone, southeast of the Melbourne CBD, for over $5.6 million amid a heated international contest.
The premium 2,360 sqm commercial site at 157-159 Nepean Highway saw more than 230 enquiries and 17 offers from local and international investors during its expressions of interest campaign.
The sale, through Savills agents Benson Zhou, Julian Heatherich, and Yvonne Zhou, exceeded the $5 million price expectation.
“The level of interest in the property and attraction to the KFC brand caused the whole agency team to spend late nights and weekends answering enquiries,” said Mr Zhou.  
“Our expressions of interest campaign was especially strong, and the property received over 90,000 views on realcommercial.com.au.” 
Mr Zhou said investors were also attracted to the security, scarcity, and prominence of the KFC investment. 
“KFCs really don’t come up for sale very often,” he noted. “The last comparable sale of a KFC was in 2016 in Altona North.” 
The 157-159 Nepean Highway KFC has invaluable vehicle access onto two of Melbourne’s busiest roads--- Lower Dandendong Road and Nepean Highway. 57,000 cars are estimated to pass the site daily. 
The site currently provides an income stream of $262,836 and is leased on a 12-year term with options to extend until 2043. 
KFC has been operating at the property since 2000. It was refurbished in 2013.
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