First McDonalds site for revamp
It was the first McDonald’s restaurant in New Zealand but now it’s being sold vacant as a redevelopment prospect.
The site at 1 Cobham Court, Porirua, became the nation’s first McDonald’s in June 1976 and was operated until 2009.
Since McDonalds departed, the 1507m2 three-level property has had various tenants, with one business occupying the second floor office space since 1989.
The vendor is McDonalds Restaurants and the rateable value is just over $2 million.
The property has potential net rental of $194,500 a year, according to Fraser Press of Bayleys Wellington.
It currently has net income of $32,730 a year from a longstanding tenant who currently has a one-year lease until June 2015 and a further one year right of renewal.
The owners are “conditioned and are ready to sell at a realistic market price,” according to Mr Press.
“There’s a lot of building here and with a makeover and some re-jigging of interior spaces, this could be a significant property to add to a portfolio,” he says in a prepared statement.
The property is on a corner site with access to the Cobham Court car park.
An engineers’ report places the building at 40% of new building standard.