STORY ACCREDITATION: The Border Mail, 28 March, 2025 | WRITER: Beau Greenway
Albury’s Hungry Jacks restaurant sold for more than $3 million at auction on Wednesday, March 26. Picture supplied
Albury’s Hungry Jacks restaurant has changed hands after huge interest at auction this week.
The store on the corner of Hume and Townsend streets was snapped up by a Melbourne investor for $3.5 million on Wednesday, March 26.
Bidding for the 1979-square metre property opened at $3.2 million and increased in $100,000 increments.
It netted a yield of 4.94 per cent.
A new 10-year lease has been signed to secure Hungry Jacks at the site until 2035, with the option of four more 10-year agreements to 2075.
Dixon Commercial Real Estate, in conjunction with Burgess Rawson, managed the sale of the property.
Director Andrew Dixon said it was an excellent result with three parties involved in the auction.
The building was constructed in 2019 and is one of 12 Hungry Jacks stores, including Lavington and Wodonga, owned by a Riverina franchisee group.
It is situated opposite McDonald’s and close to the West End Plaza shopping complex, with 28 on-site car parking spaces.
The property boasts a net income of $161,910, plus GST.
Meanwhile, Dixon Commercial Real Estate sold an industrial property at auction on Hudson Crescent, off Dallinger Road, in Lavington on Friday, March 28.
This industrial property on Hudson Crescent in Lavington sold for $1,290,000 at auction on Friday, March 28. Picture supplied
A Border investor secured the 2886-square metre property, which included a warehouse and office structure of 675 square metres, fitted with three roller doors, wash bay and a side awning.
It is leased by Wodonga-based Kings Building Supplies, trading as Plasta Kings, with a three-year agreement signed in October 2024.
Bidding opened at $950,000, which was followed by a string of $25,000 rises to quickly take the price beyond $1 million.
Offers continued to flow as the property reached $1.175 million and was signalled on the market by Mr Dixon.
It was far from the end of the auction as several parties continued to put forward bids of $10,000 and $5000 before two were left standing and took the value above $1.25 million.
The pair exchanged further bids of $5000 before the hammer eventually fell at $1.29 million.
Dixon Commercial Real Estate auctioneer Andrew Dixon calls for bids on an industrial property on Hudson Crescent in Lavington on Friday, March 28. Picture by Beau Greenway
“It was another big sale,” Mr Dixon said.
“It’s a good, clean industrial investment. It has a good tenant, a good building, a good position and a good lease, which are all fundamentals of buying good property.
“There was a dozen bidders here out of a crowd of 60.
“The market has got a lot of depth.”
The property has a net annual rent of $64,125 with the option to extend the lease a further five years.
It caps off a strong month for the agency after it sold a smaller industrial lot on Michael Drive in Wodonga for $665,000 on March 7.