AN Adelaide investor has swooped on the Hungry Jack's fast food outlet in White Box Rise, Wodonga.
He made the successful final bid of $4 million to become the restaurant's new owner as childcare, fuel and fast food dominated more than $38 million worth of sales at Burgess Rawson's investment portfolio auction held in Melbourne last season.
The Wodonga purchase was among the 11 of 12 properties selling at a clearance rate of 92 per cent .
It was also auction event's tightest yield of 4.98 per cent.
Burgess Rawson director Shaun Venables said the results were yet another endorsement for the safety and security of commercial investments.
"Once again it's further evidence of investors' preference for bricks and mortar assets with strong lease covenants and assured rental growth," he said.
"The fluctuating and sometimes volatile residential and share markets have been well reported.
"But passive, leased commercial investment properties have consistently been popular with investors because of their strong fundamentals."
The Wodonga Hungry Jack's sold above pre-auction expectations which were around the $3.75 million mark.
It was built six years ago and is located opposite the White Box Rise shopping centre which has Woolworths and Aldi supermarkets as anchor tenants.
The $6 million development involving the demolition of the former medical clinic on the site was proposed by Zauner Construction.
The council also agreed to the request for planning agreement to make up a parking shortfall which includes a payment of $180,000 for the 12-space shortfall.
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