GROUP SEALS SIZZLER ASSET
A TOWNSVILLE retail property featuring Sizzler and Subway has been snapped up by a Brisbane group which specialises in sites for national food brands.
Synergy Property Partners has acquired 15 Attlee St, Currajong for about $ 2.25 million and has plans for further development on the property including a new drive- through facility for one of the restaurants.
One of Synergy’s partners, Byron Griffith, said the deal was their first acquisition in Townsville and they were actively looking for more development sites in the city.
“We have bought it as an investment. We have plans to redevelop it with a drive- through and retail,” Mr Griffith said.
“It’s a great location in a strong food precinct with good frontage to Woolcock St.”
The property is a 6167sq m site with two stand- alone buildings and 98 on- site car parks.
Existing tenants are Sizzler, Subway, Yummy Noodle Box and the Chinese Tea House, while a 316sq m tenancy formerly home to Video Ezy is planned to be demolished.
The site has a development approval for a new drivethrough complex and removal of the current Subway site.
Sizzler has occupied its tenancy since 1989 and has exercised a five- year lease to 2019 with a further five- year option.
Nearby food traders include McDonald’s, Red Rooster, Pizza Hut, Zarraffas and Noodle Box.
Chesterton International ( Qld) and Quinlan Property Group offered the property for sale on behalf of vendors earlier this year.
Mr Griffith said they were actively looking to buy development sites and tended to work with tenants including national food brands and fuel retailer. They look to acquire centres with vacancies and reposition them through redevelopment.
He said it was a good time to buy in Townsville.
“I think the economy is coming back in Townsville,” he said. “We see it only improving over the next two or three years with the amount of infrastructure being built in the area.
“I think there will be good growth over the next 10 years.”
Synergy Property Partners, led by Mr Griffith and Edward Masterson, is a privately owned property developer and investor.