Hot property: A high networth investor paid $6.1m for a Hungry Jack’s at Kallangur

A wealthy investor pays top dollar for a Hungry Jack’s; a 2bn Gold Coast project is on its way; and a local hospitality group acquires a motel in Tweed Heads. These are the hottest commercial property deals this week.

A Victorian high networth investor has snapped up a Hungry Jack’s in a boom precinct north of Brisbane after a competitive auction attracted strong bidding.

The paid $6.1m for the property at 1381-1385 Anzac Ave, Kallangur, after it was marketed by Colliers’ Hunter Higgins and Sam Polichronis on behalf of the owners/developers who built the property in 2012. The sale realised a yield of 4.9 per cent.

Mr Higgins said it was a competitive auction with many bidders trying to secure the high-performing asset.

“As one of the largest free standing Hungry Jack’s in Queensland that is consistently exceeding turnover rent figures and has options till 2042, this offered a fantastic investment opportunity,” he said.

“Offering a rare opportunity to invest in a proven and established freestanding, drive-through

Hungry Jack’s which still benefits from strong and consistent annual turnover rent, laid the perfect conditions for a competitive auction.

“The site is located on a prominent 60me frontage to bustling Anzac Ave with over 140,000 vehicles passing weekly and servicing a catchment of over 87,000 residences within a 4.5km radius.”

Hunter Higgins and Sam Polichronis at the Hungry Jack's in Kallangur. Picture: Tertius Pickard

The property was purpose built for Hungry Jack’s and is on a 2952sqm site in the large

commercial hub of Kallangur, with neighbouring businesses including 7-Eleven, Ampol,

Chem-pro Chemist, ALDI and Supercheap Auto.

Mr Polichronis said the fast-food sector had garnered the attention of investors due to its steady expansion and profitability over the years, rendering it a dependable and stable business choice.

“Despite ongoing interest in smaller chains and independent operators, many investors still prefer to invest in established brands such as Hungry Jack’s,” he said.

“Private investors, self-managed super funds, interstate investors, and those institutional-grade investors looking for secure investments have been actively driving the demand for these sorts of assets in recent years.

“Essential service sectors play a crucial role in daily life and are more resilient to economic conditions, making them a less risky investment with a reliable income source and capital growth potential, making them a popular choice among investors.

Landmark milestone achieved

Gold Coast developer Aniko Group has settled the $32.5m purchase of a Mermaid Beach site earmarked for the company’s flagship mixed-use development, The Landmark.

Construction is expected to start by the end of the year on the $2bn four-tower development which is set to transform the l.1ha site on the corner of the Gold Coast Highway and Seaview Ave, into a new residential, commercial, dining and leisure precinct.

CBRE’s Mark Witheriff, who struck the deal with Brendan Hogan of Colliers, said it was an

irreplaceable asset and the development approval added substantial value to the site.

“The Mermaid Beach holding is the best large-scale site remaining in the central Gold Coast

region and it’s pleasing to see that Aniko Group has recognised the unique development

opportunity it presents by progressing its plans to activate the property,” he said.

The settlement of the acquisition comes on the heels of Aniko Group making minor adjustments to the proposed four-tower development, after the company secured approval

for the masterplan late last year.

An artist's impression of the Landmark development on the Gold Coast.

The Landmark, poised to become an iconic southern gateway to Broadbeach, will be developed in stages by Aniko Group over the next six years.

When completed, it will have three residential towers of 25, 30, and 40 storeys, in addition to a 53-level tower featuring a mix of hotel suites and private hotel-branded residences.

Positioned prominently at the entrance to the iconic Pacific Fair Shopping Centre, the site is supported by its easy access to the Broadbeach South light rail station and bus interchange Aniko Group founder and managing director George Mastrocostas said the settlement of the site was the latest milestone for The Landmark.

“Through an exhaustive design process since we first put our foot on this site in 2022, we are now set to deliver a new standard for affordable luxury for Mermaid Beach, a suburb that has dominated the premium residential market for decades,” he said.

Following feedback from buyers seeking affordable luxury residential living in the suburb, Aniko Group recently submitted a modified development application to the City of Gold Coast proposing enhancements to Tower 1 of The Landmark.

Taking a ‘right sizing’ approach to its development strategy, Aniko Group has reconfigured

the floorplate of the first tower that increases its size from 784sqm to 837sqm and introduces

an additional apartment per level.

“The refinements are designed to elevate the unique residential offering at The Landmark,”

said Mr Mastrocostas. “They will allow us the opportunity to create coastal apartment living at a price point that simply doesn’t exist anywhere in the Mermaid Beach market.”

George Mastrocostas from Aniko Group

Hospitality group beds downl sale

A local hospitality group has added to its portfolio with the acquisition of a motel just over the Queensland border in Tweed Heads.

Tirumalasetti Group paid $9.29m for the Bayswater Tweed Motel at 129 Wharf St after a campaign by CBRE’s Hayley Manvell and Mark Witheriff on behalf of advisory and investment firm KordaMentha as the appointed receivers and managers.

According to a property search the motel was owned by accountants Onward Business Consultancy which went into administration in May last year.

Ms Manvell said the marketing campaign garnered strong interest, especially from motel owner operators, government and social welfare groups, developers and high net worth individuals.

“With over 175 inquiries and 16 offers received, the result solidifies the fact that assets of this scale, location and with value-add potential, be it development or operationally, are highly desirable, especially within key coastal areas of Northern NSW and the Gold Coast, underpinned by the limited supply of freehold assets up for offer,” she said.

The Bayswater Tweed Motel at 129 Wharf St, Tweed Heads.

On a 3341sqm site the motel has 38 guest rooms spanning two levels, a manager’s residence, a vacant restaurant and bar with a full commercial kitchen, versatile conference and function facilities, a swimming pool and onsite carparking.

Mr Witheriff said the southern end of the Gold Coast and Northern NSW, particularly around the Tweed Shire, has become one of the most sought-after lifestyle precincts due to the coastal location.

“There has been significant population growth within the region which now supports a broad range of employment drivers, such as the new Tweed Hospital, and the booming tourism industry,” he said.

“Northern NSW is quickly becoming a focal point for investment due to its gateway location to the region, with the ability to use the Gold Coast International Airport and the Pacific Highway to connect the location to Australia’s tourism and lifestyle markets.”