Private commercial investment house, Ferradini Property Group has co-invested with an Australian private family to acquire a $20,100,000 Hungry Jacks anchored neighbourhood centre in Brisbane’s north side.
Pranay Magan from Ferradini Property Group capitalised on the strong national tenanted lease covenants located on a highly exposed Sandgate Rd as well as a development approved surplus land to re-develop into additional retail and medical tenant users.
Pranay Magan, Ferradini Property Group Managing Director explains. “We also have plans to re-name and give the centre a fresh look so that it can be “The” convenience-based food destination centre in the suburb of Boondall and neighbouring suburbs. Given the proximity to private day/boarding school, Nudgee College, Virginia industrial precinct, and the Boondall residential catchment area, we believe the centre will attract a strong demand for food lovers alike” says Mr Magan.
“We kept a close eye on the national fast-food restaurants that traded well. Majority of these businesses were sustainable during the peak of the pandemic due to the rise of online food delivery services such as Uber Eats and Deilveroo. Ferradini will continue to actively source and acquire well located assets underpinned by strong lease covenants and underlying land value.” Said Mr Magan.
Sales agents, Ryan Chesney of NAI Harcourts Pinnacle and David McPhillips of Integrated Property Partners represented the Vendor to complete the off-market deal.
Ryan Chesney, lead Sales Consultant, would walk by the large commercial property, every day on his way to school. Now, years later, he’s just facilitated the sale of 2105 Sandgate Road, Boondall, for a shade over 20 million dollars.
“I met the owner of this property in my first week of real estate and continued to keep in touch and create a relationship within my first year”, explains Mr Chesney. “I have since then kept in touch with the client multiple times a week and had a meeting at minimum, once a week at his office and have completed various new and existing projects with him.”
National Manager NAI Harcourts Jason Luckhardt comments: “The residential market is buoyant and full of success stories, but due to the nature of commercial we don’t always get to share the details of the human side of our deals.”
“Ryan has been developing deep and lasting associations with his market and its property owners.”
Mr Chesney has successfully worked alongside Commercial Director Phil Grant and the team at NAI Harcourts Pinnacle since 2018 and started out as an Associate, working with a strong focus, within the Brendale area.
“Our office environment and team structure are very enthusiastic and extremely supportive, which makes me want to show up at work every day.”
“I believe this culture and support have been fundamental in the last 4 years of my real estate career”, Mr Chesney adds.
“Ryan is seen as a rising star within our commercial network and a real go-to agent” Mr Luckhardt continues.
“The quality of this property offering, and the trust given to him by its owner, clearly demonstrates this.”
“The result validates that this was the right move by the owners of theproperty.” David McPhillips of Integrated Property Partners was also involved in the sale.
“We have been working with multiple investors and purchasers seeking a diverse retail trophy asset much like this.’ Said Mr McPhillips.
“Combined with our strong and trustworthy relationship with the Vendor, this allowed us to work through the off-market sales process and achieve an excellent result for all involved”.
Acquisition Summary Details:
- Acquisition Price $20,100,000
- Transaction Type: Off market/private treaty freehold via sales agents, Ryan Chesney NAI Harcourts Pinnacle and David McPhillips Integrated Property Partners
- First Year Net Rental: $949,296 + GST
- Acquisition Net Yield: 4.72%
- Acquisition settlement date: 14 Feb 2022 (Valentine’s Day Acquisition)
Mr Chesney, justifiably gratified by the sale, hastens to point out that although the transaction is a great outcome for everyone involved, “The thing I am most proud of is the relationship I have built that has led to the listing and to the sale.”
“Our job as agents is to build these relationships with our clients and the property transactions are the by-product of that.”
Mr Chesney suggests that it certainly pays to “Perhaps keep an eye on those properties you walk by on your way to school.”
