Lone Star shines at Westgate
A freehold property with a long- term lease to a Lone Star restaurant in Westgate is for sale through joint Sole Agents Barfoot and Thompson.
The property is close to the intersection of Don Buck Rd and Fred Taylor Drive, near the emerging Westgate Commercial Centre.
It is being sold through a tender process concluding on June 29, unless sold earlier.
Barfoot commercial sales agent Gary Seekup says the 506sq m building — Unit 1, 575 Don Buck Rd — returns $ 221,750 p. a.
Seekup, who is selling the property with colleague Bruce Jiao, says Lone Star is a popular national brand.
“Having opened its first restaurant in 1988, Lone Star now has 27 restaurants around the country. The tenant in Don Buck Rd pays $ 221,750 p. a., on an initial lease term of 12 years, with two further six- year rights of renewal.”
Jiao says the building, constructed in November last year, occupies a prime road- front position.
“Owning a near- new building means the structure meets the exacting provisions of the Revised NZ Building Code, plus all relevant consenting standards laid down by Auckland Council.
” The building, with its concrete floors, concrete and concrete block walls, aluminium joinery and Longrun Colorsteel roofing, is a low maintenance structure built to the latest standards.”
Seekup and Jiao say the greatest drawcard is its location in the thriving but still fast- growing Westgate.
“Westgate i s currently under heavy development with many national and international brands having set up in the area,” says Seekup. “It is close to Northwest Mall and operations including its fellow anchor tenant, Learning tree Early Childcare Centre.
“The Warehouse, Placemakers, Pack N Save, Countdown and Mitre 10 are relatively close by. With Auckland’s rocketing population and the nearness of main arterial routes and interchanges, this location will only become more popular.”