Building that housed first NZ McDonald's for sale

Last updated 13:05 21/07/2014
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PROPERTY HISTORY: The grand opening of the Cobham Court McDonald's in 1976.

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A Porirua building which saw the world's largest fast food chain enter the New Zealand market is for sale through Bayleys Wellington.

The first McDonald's in the country opened its doors in June 1976 at 1 Cobham Court, Porirua; there are now more than 160 McDonald's nationwide.

Since the restaurant closed in 2009 the building has had multiple tenants, though one company has occupied the second floor office space since 1989. It is mostly empty.

Bayleys Wellington's Fraser Press, Jon Pottinger and Johnny Curtis are marketing the property for owners who have decided it is surplus to requirements.

Press said its location on a prominent corner site close to Cobham Court parking made it a good opportunity for an investor, either an owner-occupier or someone looking to add value.

The building has approximately 1507sq m of lettable area spread over three levels.

"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," Press said.

The long-term tenants bring in holding net income of $32,730, on a one-year lease until June 2015 with one-year right of renewal.

The property had a potential net rental of $194,500 a year, Press said.

"This is an add-value proposition with any combination of retail and office space a workable option."

The building's capital value is $2.05 million. However, "a prospective buyer with some knowledge of the wider Wellington market will be able to put this into perspective," Press said.

An engineer's report put the old McDonald's at 40 per cent of new building standard.

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- The Dominion Post

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