Investors will be vying for an early Christmas present in the form of a new build in the heart of Porirua that includes a lease that has 14 years remaining with one further right of renewal.
The property, located at 14 Hagley Street, is set for auction on 7 December, and is being marketed by Colliers brokers Vince Southee and Sam McIlroy.
Leased to KFC’s parent company, NZX-listed Restaurant Brands, the building was specifically built for KFC. Restaurant Brands also operates Pizza Hut and Carl’s Jr.
Southee says the opportunity will appeal to passive investors looking for a quality property to add to their portfolio.
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“Investors are hungry for high calibre opportunities and this meets all the fundamentals they’re looking for - a prime strategic position, a proven and sought-after blue-chip tenant, and a passive income stream.”
The rectangular shaped single storey 271.5sq m building sits on a high-profile 1855sq m corner site, providing the property with a drive-through service, customer car park and a dine-in option.
The lease runs until late 2035 with one right of renewal for five years with rent reviews every three years.
KFC first opened in New Zealand in the early 1970s and has expanded to more than 100 stores nationwide. The Porirua store is consistently a top performer.
Situated 21km north of Wellington, Porirua is a vibrant community with a diverse population of approximately 60,000 people.
Southee says the demand for commercial space in Porirua is extremely strong.
“This is reflected in the rising lease rates and a number of proposed new commercial buildings planned within the next five years. Residential building in Porirua is also booming.
“Porirua offers arguably the greatest development activity in the Wellington region for the next decade, complemented by Transmission Gully.”
- Article supplied by Colliers
