Warehouse and Burger King buildings for sale

Four commercial properties across Marlborough and Nelson, with a combined capital value topping $20 million, have gone on the market.

Occupying the properties are, in Blenheim, The Warehouse and Burger King and, in Motueka, Countdown and Placemakers, with leases locked in until at least 2023. The buildings are owned by Nelson-based family-run business Gibbons.

The Warehouse and Countdown sites will be sold by auction on March 6; the remaining two properties have been put to tender, closing on March 12.

Bayleys Nelson salesperson Paul Vining said the two premises being sold by tender could go individually, or as one combined lot.

Vining expected interest from the top of the south, and from investment syndicates and funds throughout New Zealand.

He said the size and diversity of the portfolio also placed it in the potential sights of international investors looking for an upper South Island profile.

The purpose-built red shed in Blenheim is a 7011 square metre building sitting on a 12,260 square metre piece of land. The sale includes the two-storey, 3390sqm parking building.

The Warehouse has a nineyear lease running through to 2027, with three further four-year rights of renewal and generates an annual rental of $1,065,330.

The capital value of the property on the Marlborough District Council website is $13,900,000.

Burger King, in Blenheim, will be sold by tender. The property is 1770sqm of land accommodating a Burger King outlet in a 253sqm building.

Burger King’s lease runs through to 2023, with two further four-year rights of renewal, generating annual rental of $176,800.

The capital value according to the Marlborough District Council website is $2,410,000.

Gibbons Holdings approached for comment.

Vining said the old adage of ‘‘location, location, location’’ was an underlying prerequisite when the four properties were bought.

‘‘Additionally, all four properties tick the basic essential fundamentals for any investor – all being modern buildings with solid tenants on long leases.’’

Gibbons Holdings has a diverse portfolio of properties in industrial estates, warehouse and distribution centres, office parks, bulk retail centres, commercial office buildings, residential and sub-divisions as well as forestry and construction businesses. was