Humich Group Swoops on Perth CBD Burger Shop
15th December 2022
Perth – One of the Perth CBD’s most popular late night burger joints has changed hands, with the Hungry Jack’s store at 92 William Street selling for $10 million in a deal brokered by Cygnet West.
The two-level food and beverage outlet, which also features a KFC store alongside Hungry Jack’s, was sold off-market.
Hungry Jack’s and KFC each have four years remaining on their respective leases andthe asset produces annual passing income of $485,000.
The purchase price of $10 million achieved a passing yield of 4.85 per cent.
Cygnet West’s Wayne Lawrence and Tory Packer brokered the sale, which was a strategic acquisition by local private investment company Humich Group.
Mr Lawrence said the sale was an indication of the confidence in Perth CBD retail held by Humich Group, which recently made headlines with a $160 million plan to revitalise a strip of shops along Barrack Street.
“Randal Humich is doing a lot in the city, and it reinforces his view of where he thinks the city is heading and his faith in the CBD,” Mr Lawrence said.
“And this particular building is in a cracking spot, being located in one of the busiest sections along William Street.”
The deal was also an illustration of the appeal of CBD assets, particularly those relating to food and beverage, according to Ms Packer.
“Despite the rising interest rate environment, good retail properties are still transacting at premium prices,” Ms Packer said.
“This was 4.85 per cent, which is a tight yield. It shows that well-positioned, CBD assets are still in high demand and will still attract strong pricing.”