Rocky fast food site sells for $3M+ in Melbourne auction
UPDATE: A ROCKHAMPTON Red Rooster site has sold for a whopping $3 million at auction this morning.
The Red Rooster property on George Street went under the hammer at a Burgess Rawson Portfolio Auction in Melbourne.
Bidding started at $2.4 million when the auction began at 11.47am, and by 12.07pm, after more than 80 bids, it had sold for $3,040,000.
The location of the buyer is at this stage unknown.
INITIAL: A FAST FOOD site located along Rockhampton's busiest stretch will go under the hammer in a major Melbourne auction tomorrow.
The drive-through site at 102 George Street, which has a 10 year lease to Red Rooster, is one of 19 properties set to be auctioned at a Burgess Rawson Portfolio event at Melbourne's Crown Casino at 10.30am Wednesday.
Selling agents Glenn Conridge and Raoul Holderhead described the 321 sqm Rockhampton property as a 'top performing store'.
Red Rooster, which has operated from the site since 1992, pays all the outgoings for the store, and is five years into its 10 year lease to June 2025, with options to extend to 2035.
In marketing for the property, Mr Conridge and Holderhead estimated about 20, 210 vehicles passed the corner site daily.
They said the buyer of the property would enjoy a net income of $171,735 pa + GST (excluding land tax).