The premium 2,362sq m commercial site at 157-159 Nepean Highway was sold by Savills CBD & Metropolitan Sales agents Benson Zhou, Julian Heatherich, and Yvonne Zhou via a competitive expressions of interest campaign that garnered more than 230 enquiries and 17 offers from local and international investors.
The sale exceeded expectations of $5,000,000, leaving 16 under bidders hungry for similar investment opportunities.
“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.
Mr Heatherich said the KFC had been operating successfully since 2000, and was refurbished in 2013 to have “a modern look and feel.”