A freestanding KFC on the corner of two major arterials in Thornbury is being brought to market via an Expressions of Interest campaign, representing the first city-fringe KFC to be offered in Victoria this year, highlighting the scarcity and tightly held nature of this asset class.
Located on the high exposure corner of St Georges Road and Normanby Avenue which carries a combined 25,200 vehicles daily, the property at 379-381 St Georges Road in Thornbury, comprises a highly attractive single-tenanted net lease to one of Australia’s most recognised national brands, KFC.
The lease at KFC Thornbury has been renewed for what is the tenant’s last option period, committing to a further five-year term expiring 11 November 2028 at an estimated net rent of $156,763 per annum. The offering is expected to appeal to both passive investors and presents as a unique opportunity to developers who will see endless potential in the site’s capabilities to deliver a future mixed-use development with scope for residential, office and / or retail.
Rick Silberman, Director, Retail Investments at Savills said, “KFC Thornbury represents enormous potential for a purchaser, regardless of their specific requirements. This will suit a wide range of buyers – those looking for an income producing, reliable investment, future owner-occupiers or those seeking a longer-term development proposition following expiry of the current lease.
“Given the low site coverage of the existing improvements, the large size of the site, its corner position, favourable planning controls and increasing levels of high-density development within the surrounding area, the appeal to developers will no doubt be significant.”