Savills Australia and New Zealand has been exclusively appointed to sell a high-performing, freestanding Red Rooster in Strathmore, located 9km north of Melbourne’s CBD. This property is being offered for sale for the first time in 40 years.
Situated at 504 Pascoe Vale Road, Strathmore, a major thoroughfare with a daily traffic count of 19,000 vehicles, the property features a single-tenant lease to one of Australia’s most recognised national brands, Red Rooster. The current lease has two years remaining, with an additional five-year option, and generates a current rent of $188,360 per annum.
The offering is expected to attract both passive investors and developers, presenting a unique opportunity to leverage this 4,161 square metre site for further QSR/Service Station/Car Wash uses or future mixed-use development, including residential, office, and retail.
Rick Silberman, Director of Retail Investments at Savills Australia and New Zealand, explains, “Red Rooster Pascoe Vale offers enormous potential to add value. We have received written expressions of interest from several major national retailers looking to co-locate and secure a restaurant and service station/carwash next to Red Rooster, which the site can easily accommodate.
“This property will appeal to a wide range of buyers, whether as a reliable income-producing investment, future owner-occupiers, or as a longer-term development proposition," he concluded.