Blenheim’s Burger King building likely to sell fast
The Blenheim Burger King at 34-36 Main St is ideally situated on the town’s busiest thoroughfare.
A strategic corner property housing Blenheim’s Burger King fast-food restaurant on the busiest road into and out of the town has been placed on the market for sale.
The provincial branch outlet of the global fast-food chain occupies a 1770 sq m site at 34-36 Main St, Blenheim and comprises a low-rise, industrial food-service building with a drive through and 24 car parks.
“Located just 500 meters from the chief post office and the main retail centre, the Burger King is a highly visible landmark,” says Grant Baxter of Bayleys Marlborough who is marketing the freehold land and building for auction on March 15.
Baxter says the property will benefit from its location on the fringe of the up-and-coming Blenheim CBD, currently the focus of major redevelopment.
“The Marlborough District Council is revitalising the centre of the city with plans to create more open spaces, improve central footpaths, and upgrade bike paths,” he says.
“With a new Countdown set to open in April, and a multi-million dollar makeover at Springlands Shopping centre to be open in May, the neighbouring areas will benefit from consumers spending more time in the CBD.
“The council is also creating two pocket parks which will be finished in mid-March and there is a draft landscape plan for a marketplace.”
Baxter says the Burger King site on a major arterial route through Blenheim works well for the tenant along with having a dual corner position giving dual road frontage.
“Burger King has a 12-year lease on the site, which started in 2011. The lease potentially runs through until February 2031 – comprising the current term, with two, four-year rights of renewal – with the tenancy generating annual revenue of $176,800 plus GST, plus operating expenses.”
He says building was purpose-built for Burger King, with construction completed early in 2011 and the property has an Initial Evaluation Process (IEP) rating of 125 per cent of New Build Standards (NBS).
Baxter says Main St also doubles as State Highway One, carrying high volumes of traffic from Christchurch through to Picton in the north, to Nelson and to the West Coast.
“With an estimated 3.5 million traffic movements on the road per year, this is an ideally situated site for a fast-food outlet catering to a wide range of customers.
“This high traffic count is one of the key locational factors fast food operators demand when looking at tenancy options. Truckers, tourists, and locals looking for a quick bite can access it easily in this handy locality.
“In addition the site is surrounded by nationally-recognised brands, like New World, Guthrie Bowron, Briscoes, and Blenheim Toyota which generate a substantial footfall around the area.”
Baxter says the site will appeal to investors due to having an internationally-branded tenant, with a strong foothold in New Zealand.
“Burger King has been in New Zealand since 1993, operating 83 restaurants nationwide and employing more than 2600 staff.”
Baxter says wide ranging interest in the site has already been registered from potential buyers in Christchurch, Canterbury, and Auckland.
“This property could attract far-flung buyers because it’s a passive investment requiring very little time on-site by the owner, with Burger King franchise ensuring it is clean and tidy at all times.”