There's been a transaction at Queenstown’s McDonald’s that’s a tad bigger than your average Big Mac.
The CBD property itself, prominently situated in Camp St, has sold unconditionally to an undisclosed out-of-town buyer.
However, McDonald’s remains the sole tenant — its current lease runs till 2033 but with three further rights of renewal till 2051.
Local Colliers commercial broker Mary-Jo Hudson says she can’t disclose the buyer or the price, but she says there were multiple bids and the purchase price represents a sub-4% yield.
As at September 1, 2024, the property’s rateable value’s been $9.32 million, comprising $4.99m in land value and $4.33m in improvements.
McDonald’s took over the lease in 2021 then substantially renovated the building.
