Prime Location, high-profile tenant
Tuesday 23 June 2009, 10:00AM
By Bayleys Realty Group
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A high-profile investment property in the heart of Napier’s bulk retail area - with a long term lease in place to Burger King - will be auctioned by Bayleys on Thursday 25 June at the Bayleys Building, Wellington, as part of Bayleys Total Property offerings.
Marketed by Andrew Smith of Bayleys Wellington and Bill Brown of Bayleys Napier, 190 Station Street, Napier is a highly-visible 2964sq m leasehold site on one of Napier’s busiest arterial routes and close to the CBD.
“There is a 10 year lease in place with TY.P.F. Restaurants Limited - operating as Burger King - from October 2003, with two further five-year rights of renewal. The property currently returns a net rental of $69,750 per annum, reviewable three yearly,” says Mr Smith.
“In the current investment market, a stable, long-term tenant is highly desirable and an investor could be looking at a higher yield given the leasehold status of the land. With credible and sizeable key national tenants such as Pak ‘N Save, Countdown, KFC, Shell and McDonalds in the immediate vicinity, this is a sought-after retail location and an investment opportunity such as this rarely becomes available.”
With a total lettable floor area of 551.6sq m, the large single-story building on the sealed and landscaped site provides a generous sit-down ‘restaurant’ area for approximately 200 people, a children’s enclosed play area along with a vehicle-drive through facility and 43 on-site car parks.
Constructed in 1994 as a Georgie Pie franchise, the building comprises a reinforced concrete floor slab and foundations with concrete columns and steel portal frames and a curved, galvanised steel roof. Wall cladding features textured cement finish to the rear section of the building with the balance featuring extensive use of aluminium framed glazing. Pedestrian and drive-through canopies are attached to the main structure.
“The property is well-maintained and has a real presence in this busy retail area,” says Mr Smith.
“When you combine a quality building such as this with a prime location and a high-profile long-term tenant, it makes for a promising investment.”