Developer cashes in as investors spend $38m on fast food

Brisbane-based developer Byron Griffith has turned a vacant Bunnings warehouse in Wollongong into real estate gold after selling all five fast food outlets in front of the redeveloped retail centre for $37.75 million to private investors this week.

The F&B portfolio sell-down, which included one of the highest prices ever paid for a single McDonald’s restaurant ($12.85 million) took property total sales at the Bayview Centre to $94.75 million after Griffith Group sold the centre’s main asset – the large format mall – to MLC Asset Management for $57 million in June.