A freestanding Hungry Jack’s located in the regional township Bendigo, has sold for $3,825,000, representing a yield of 4.81%. The fast food restaurant site had been held in the previous family for over  35 years and comprised of a 525 sqm freestanding building, positioned on a Commercial 1 Zoned 1,666 sqm corner landholding.  

The auction was hotly contested through multiple bidders locally, interstate and offshore with the eventual  purchaser being an offshore Chinese investor.  

Stonebridge Property Group Rorey James, Kevin Tong and Robbie Tarrant exclusively handled the sale of  the property through the Stonebridge National Portfolio Auction, which attracted strong interest and six  registered bidders, highlighting the demand for quality fast food investment opportunities.  

Kevin tong commented “What was interesting was that the top two bidders were sourced through our  Stonebridge Asia Practice team, with both of them being underbidders from recent campaigns with our  team. When it got to the last two (2) bidders neither of them wanted to stop given they had both missed  out on similar properties recently” 

Rorey James added “The buyers were ultimately attracted to the renewed 10-year lease, despite being an  older aged building and in a regional location.” 

Over the last 3 months we have seen Asian capital coming back into the market chasing long leased  secure investments. Many of these buyers have been driven to acquire investments by pre 30th June 2024,  whilst also others have been underbidders on several other campaigns with us in the past and now rising  to the top.

Furthermore, a large portion of these buyers have been cashed up buyers who have been less reliant on borrowing therefore not as impacted by the higher interest rates. We anticipate this trend to  remain in the short term, especially given the number of underbidders still being sourced through our  Asian Practice team. 

Since May our Stonebridge team have transacted 36 properties in Victoria, of which 17 have been  acquired by Asian investors being around 47%. This is a significant uplift from earlier in the year with only  19% of our properties transacting to Asian buyers between January to May.  

We are anticipating this trend to remain in the short term to medium, especially given the number of  underbidders and active buyers who are still being sourced through our Asia Practice team. 

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