Burger battle set to heat up
A CULT USA fast-food franchise making its way to Geelong has opened the opportunity for locals to take part in the battle for the best burger.
Armstrong Creek Town Centre developer Andrew Welsh has offered up the new pad site for the Carl’s Jr outlet on the Surf Coast Highway.
Welsh’s development, Wel.Co, has called in Stonebridge Property Group for the under-construction Carl’s Jr investment at the entrance to the Armstrong Creek Town Centre shopping centre.
The 1853sq m site will attract interest from investors, especially those chasing long-term security, agent Kevin Tong said.
Mr Tong, Justin Dowers and Rorey James will be marketing the site at 458-540 Surf Coast Highway, Armstrong Creek, for Stonebridge Property Group with expressions of interest closing on November 25.
The freestanding fast-food pad site is securely leased to Carl’s Jr with a passing net income of about $245,000. The property could sell for around $5m.
The pad site forms part of the wider Armstrong Creek precinct development which directly adjoins
McDonald’s, and neighbours Dan Murphy’s and the Coles-anchored shopping centre, which forms the first stage of wider town centre development in Geelong’s biggest urban growth corridor.
Mr Tong said he anticipated the 12-year net lease to the new national fast-food tenant would be hotly contested given the low interest rates and limited opportunities for commercial investors. “The growth in Armstrong Creek and the Bellarine Peninsula is unprecedented now,” Mr Tong said. “With increased convenience of travel to and from the Melbourne CBD, coupled with the growing demand for a sea-change lifestyle, the Armstrong Creek main trade area is forecast to reach 101,860 residents by 2031.”
Mr James said the asset was a logical investment option given it was newly built on the land and had a 12-year net lease amid a low interest rate environment.
Carl’s Jr has made a rapid expansion in the Australian market in recent years, with nine stores already operating in Victoria, and three more listed to open.
The Victorian franchises join 21 others that have either opened or are opening in NSW, Queensland and South Australia.
Wel.Co sold the Armstrong Creek Shopping Centre in April in a
$55.6m deal with Home
Consortium’s Daily Needs REIT less than a year after opening for business. Wel.Co also offloaded neighbouring buildings leased to Dan Murphy’s, Hungry Jack’s and KFC for $21.5m.