Australia’s first Chuck E Cheese site hits the market weeks after opening

The site of Australia’s first Chuck E Cheese restaurant is on the market for north of $6 million just weeks after its grand opening.

The local arm of the American family friendly restaurant chain, known for its birthday parties and pizza, opened its doors in Joondalup in Perth, Western Australia on September 6.

Just over two weeks later, the building at 3/7 Winton Road is now for sale.

Wayne Lawrence, Cygnet West Commercial Agency Capital Markets partner, said the popularity of the restaurant chain was behind the building owner’s decision to sell.

“If they were ever going to sell [it’s now]… It’s a good opportunity,” Lawrence told Domain.

Billed as a “unique opportunity”, a “first-of-its-kind” and “blue chip” investment in Australia, the sale includes a 10-year lease with Chuck E Cheese as its tenant.

“This is a truly unique opportunity to acquire a fully leased investment in the prime commercial/retail precinct of Joondalup, anchored by the first Chuck E Cheese to open its doors in Australia,” the listing reads.

“The investment features a long-term net lease to a well-established global brand, providing a strong income stream. Positioned in a tightly held location, this exceptional asset offers an exclusive opportunity to secure a blue-chip investment in metro Perth.”

It also boasts an additional revenue source – a roof top solar licence which generates $90000 per year.

Lawrence said the site is being sold with a price guide of “mid-to-high $6 million”.

“We are running an expression of interest campaign. There’s another four weeks left before we close,” he said.

Interest has been strong from both local and inter-state buyers.

“Good level of interest…bids are due in four weeks time,” he added.

Lawrence is managing the site’s sale with Matt Davies in conjunction with Vend Property’s Paul Davison.

Chuck E Cheese (CEC) Entertainment, the American parent company of the Chuck E Cheese chain, announced its foray into the Australian market in January last year.

“Chuck E Cheese is a powerful global brand that transcends language and cultural boundaries, centred around the timeless essence of family fun,” Mario Centola, COO of CEC International said in a statement at the time. 

“We are thrilled to bring the magic of Chuck E Cheese to Australia and to collaborate with the Royale Hospitality Group, a partner that shares our commitment to delivering exceptional family experiences.”