HomeCo Daily Needs has bought a $7 million Gold Coast Hungry Jack’s

A listed real estate investment trust looking for an expansion has taken a $7 million first step with a Gold Coast Hungry Jack’s restaurant site. FULL DETAILS >>>

A LISTED real estate investment trust which has nearly $100 million invested in two major northern Gold Coast shopping centres and is hungry for expansion has taken a $7 million first step.

HomeCo Daily Needs has bought a Hungry Jack’s restaurant site that abuts its HomeCo Upper Coomera property and is across the road from HomeCo Coomera City.

HomeCo Daily Needs has bought a Hungry Jack’s restaurant site that abuts its HomeCo Upper Coomera property. Picture: Brenton Edwards

The buy comes on the heels of the $80 million purchase for a new HomeCo healthcare real estate investment trust of a yet-to-be built property in the Lumina health and technology precinct on former Commonwealth Games Village land at Parkwood.

David Di Pillar, managing director of fund manager Home Consortium, yesterday said the Hungry Jack’s property had been bought because its 4050 sqm site was under-utilised.

“The Hungry Jack’s building is only 200 sqm so the site gives us more flexibility when it comes to expansion of our adjoining property and to provide more parking.

“We’re looking to invest more in the area and on the sites of both of the centres.

“We’re getting impressive growth in the foot-traffic count through the centres.”

Mr Di Pillar said HomeCo loved the Gold Coast-Brisbane corridor and was looking to buy another centre.

“With the Olympics going to Brisbane, there’s going to be expansion and the corridor will be a major area for us over the next few years.”

The HomeCo Upper Coomera Centre was bought from developer Norm Rix for $40.25 million in 2019 and HomeCo Coomera City from developer Simon Lee for $57 million last November.