Burger King prime Hutt retail investment
A building occupied by Burger King is on the market in Lower Hutt offering the opportunity to secure a modern retail location with a long-term tenant. The freehold property at 369 High Street, is a 260-square-metre building equipped with a full commercial kitchen, on 1944sqm of freehold land. The site has parking for 22 vehicles as well as kerbing, drainage, and landscaping.
JLL Capital Markets director Gary Hansen said the location and surrounding offices and amenities of the single level ‘turnkey’ made the property one for astute investors to seriously consider. Hansen said Burger King was in a desirable central city corridor, on the prominent corner of High Street and Melling Link, providing direct access to State Highway 2 and Hutt Central. ‘‘The high-profile corner location, surrounding office, retail, and services locations, and public transport links on its doorstep make this property an attractive retail investment for location alone.’’
He said the building was of modern construction, built in 2015, and the fitout was the most modern format of Burger King restaurants. It featured a concrete floor and walls, aluminium joinery, and a metal longrun roof, plus specialist food-grade floors, walls, and ceilings in all food preparation areas.
‘‘The long-term tenancy agreement combined with the high underlying land value, carparking, landscaping, and drainage makes this property a secure, attractive addition to any portfolio,’’ Hansen said.
The property, currently 100% occupied by a single tenant on a 15-year term starting in 2015, also had two rights of renewal periods of 10 years possible, meaning a potential expiry of December 2050. ‘‘This long-term tenant providing annual yield of $311,351 plus GST at a fixed annual rent growth of 2% means 369 High Street is a sound investment that will keep on giving for decades to come. ‘‘The added security of high underlying land value in the fully sealed, 1944-sqm site means adding this property to your portfolio should be top of your to-do list.’’