Spirited bidding for Hutt KFC site — SOLD at a very low yield

Lower Hutt’s newly opened KFC outlet has been snapped up at a fiercely contested auction for $3,780,000.

The price reflected a passing yield on investment of 5.9 per cent, the lowest yield seen in any sale in the Wellington area in years, said Colliers International agent Michelle Spiers. This reflected the strength and security offered by the Restaurant Brands tenancy.

There was a lot of interest in the sale. The auction room was packed and 13 would-be buyers had registered an interest. About 40 bids were made by six bidders before it was knocked down to a Taupo family trust.

Story continues here at www.stuff.co.nz

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