The property housing a busy Burger King in a key Auckland metropolitan hub is up for sale with major redevelopment on the menu.
The 2,731-square-metre site on Clark Street in central New Lynn is fully occupied by the global fast-food giant, generating an annual net rental return of $153,500 plus outgoings and GST.
The recently renewed 10-year lease runs through to 2034 with market rent reviews locked in for 2027, 2030 and 2033, along with a further 10-year right of renewal.
Home of the famous Whopper burger, Burger King was founded in 1954 and is now the world’s second biggest fast-food hamburger chain.
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Since opening its first restaurant in this country over 30 years ago, it has grown its New Zealand presence to 75 restaurants with over 1,800 employees.
The freehold property enjoys excellent exposure to Clark Street and forms part of the New Lynn Metropolitan Centre zone under the Auckland Unitary Plan.
This allows for some of the most intensive development anywhere in the city, with buildings permitted to a height of 72.5 metres at the site for sale.
The lease agreement includes a provision enabling the owner to terminate the lease for demolition or redevelopment with 24 months’ notice.
Available to new owners for the first time in 30 years, the freehold land and buildings at 1 Clark Street, New Lynn, Auckland, are being offered for sale through Craig Smith and Brendan Graves of Bayleys Northwest.
The property will be sold by deadline private treaty closing on Thursday 5 December, unless it is sold prior.
“As an investment, this property whets the appetite with a reliable passive return from a global brand fast-food tenant,” Smith said.
“Combined with the provision to commence redevelopment with two years’ notice, this will represent an attractive holding income for new owners while they plan and secure consents for an intensive commercial or mixed-use project.
“The site’s Metropolitan Centre zoning applies to just a handful of Auckland’s most important centres, which are second only to the city centre in scale and intensity – and are identified for further growth and intensification.
“A 72.5-metre building height allowance gives new owners considerable scope for vertical expansion to accommodate a broad range of activities. These can include commercial, high-density residential, tourist, cultural, leisure and civic services,” said Smith.
Graves said current and future occupiers would reap the benefits of a high-visibility location with excellent street frontage.
“Situated on a prominent road with exposure to over 20,000 cars daily, this location ensures substantial visibility and brand presence for any tenant.
“Around 15 minutes’ drive from Auckland’s CBD in off-peak traffic, it’s also extremely well served by public transport.
"The site for sale is directly opposite New Lynn’s train and bus stations, with connectivity due a big further boost from the highly anticipated City Rail Link scheduled for completion in 2026,” he said.
Graves said New Lynn had seen impressive growth over the past decade, solidifying its position as a key suburban mega hub in West Auckland.
“The area has attracted considerable investment and revitalisation, establishing it as one of Auckland’s key growth zones.
"New Lynn boasts great amenities, including LynnMall Shopping Centre, the Brickworks dining precinct and Olympic Park. The area surrounding the Clark Street property is home to numerous well-known national tenants such as Les Mills, New World and Mitre 10 MEGA,” said Graves.
- Supplied by Bayleys
