Queensland's first KFC sold at auction
A piece of Queensland fast-food history has sold at auction for $3.8 million.
The state’s first KFC outlet opened at Kedron in 1969 as Kentucky Fried Chicken. Nowadays, more than 75,000 vehicles a day pass the Gympie Road site, according to Ray White Commercial Queensland director of sales John Dwyer.
Mr Dwyer sold the purpose-built property to a local investor on behalf of a private owner for a yield of 4.85 per cent.
“Bidding at what was a compelling auction conducted by Queensland’s chief auctioneer Philip Parker started at $2 million and there were more than 40 separate bids,” Mr Dwyer said.
“The property went on the market when bidding reached $3.725 million and two contenders continued to battle for the offering until it was sold under the hammer for $3.8 million.”
It was the first time in 16 years the building had been offered to the market and there were 14 registered bidders at the auction.
The 1339-square-metre property adjoins Hungry Jacks and the site of a future retail centre to be anchored by a Coles supermarket.
“This landmark KFC outlet returns an estimated net rental income of approximately $184,000 per annum,” Mr Dwyer said.
“The property is leased until August 2021 with two five year options and it is a net lease with all outgoings except land tax payable by the lessee.”
