North Ipswich Guzman Y Gomez sells for millions at auction
A property has sold for more than double what it cost developers to buy in 2019
Ipswich
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THE site of a popular fast food eatery has fetched more than $4 million after it went under the hammer on Thursday.
The Guzman Y Gomez building at 5 Pine St, North Ipswich was snapped up by a Sydney investor who bid among seven others across Queensland and New South Wales.
Selling to the southern investor for $4,050,000, the property surpassed the expected ballpark figure Cushman and Wakefield realtors predicted.
The lucky buyer is set to enjoy almost $200,000 in annual income.
READ MORE: Fast food chain’s building to go under hammer
“We were expecting bidding around that $4 million mark – it’s indicative of what assets of this quality have been selling for,” Cushman and Wakefield national investment sales director Aaron Dahl said.
“There were 49 people watching (the auction) online and there were 11 bids made in total on the day.
“We reached an agreement with the buyer straight after the auction.”
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The 1,610 sqm corner block property was renovated and refurbished in February 2020, after it was bought by a developer.
According to Domain.com.au, the property had been purchased for just $1.5 million in December 2019, less than half of what it fetched following repositioning.
It was transformed from a Brodies Chicken and Burgers into the eatery specialising in Mexican-inspired fast food, complete with a drive-through and serving up burritos, quesadillas and tacos.
A 10-year lease is already in place with GYG, with rental income set to increase by 3.5 per cent yearly.
Read more news by Ebony Graveur.
Originally published as North Ipswich Guzman Y Gomez sells for millions at auction
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