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First McDonald's site for revamp

Chris Hutching for NBR NZ Property Investor
Wed, 16 Jul 2014

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.

Chris Hutching for NBR NZ Property Investor
Wed, 16 Jul 2014
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First McDonald's site for revamp
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