Investor pays $4.5m for KFC Tamworth

A Melbourne-based private investor has snapped up an existing KFC restaurant site in Tamworth for $4.47 million, reflecting a yield of 5.1 per cent. CBRE’s Aaron Arias, Nick Willis and Justin Dowers negotiated the sale of the 413 New England Highway property on behalf of a private investor.

The property is leased to QSR, the largest franchisee of KFC restaurants in NSW, on a new 13-year lease with options until 2038.

Mr Arias said the sale campaign had generated strong interest, underpinned by the strength of the tenancy covenant and the site’s value-add potential.

In Sydney a three-level commercial building at 82-84 Dixon Street, Haymarket, right in the heart of the Chinatown precinct, has sold at a highly competitive public auction for $19.9 million. Knight Frank’s head of Asian Markets, Dominic Ong and director, Asian Markets Andy Hu managed the sale of the property on behalf of a private entity.

According to Mr Ong, the premium location of the Dixon Street property, as well as its redevelopment potential, made it a highly attractive opportunity for investors. Greengate board moves

Developer and operator of integrated care villages, Greengate has grown its board and executive team, with the appointment of Peter Hodgson as the chairman. He was previously a non-executive director, while John Russell, chief executive of Myer Family Investments, which is a major shareholder in privately owned Greengate, has joined the board.

Chris Rigby is the new CEO who will support Greengate’s expansion during 2017 as they complete two new villages: St Patrick’s Green in Sydney; and St Luke’s Green in Brisbane.

These villages come on the back of the new St Brigid’s Green in Maroubra, which was the recipient of the innovation award for Best New Retirement Living Village by the Property Council of in 2016.