Knight Frank (Northern Territory) under Mortgagee instructions is pleased to present 15 First Street, Katherine (NT). The property is currently occupied and operated as a McDonald's Franchise Restaurant under a registered lease by McDonalds, a global fast-food restaurant chain with over 38,000 restaurants in over 100 countries. This restaurant is the only McDonalds in the Katherine township and surrounds. It is ideally located on a corner allotment in the centre of Katherine, just one street back from main thoroughfare Stuart Highway. The property was developed circa 2009.
The site itself is an impressive corner site of 4,050 sqm. There is a high quality, freestanding building GLA of 488 sqm (approx.) on the premises with good quality bitumen sealed driveways and parking areas. The drive through lane is dual access and there is parking for 42 vehicles available. The property is zoned Central Business (CB) and offers future development potential subject to consents.
The current lease term is 5 years and expires July 2029. There is a market review in July 2024 followed by an annual review for CPI and turnover rental growth.
On top of the triple net base rental there is a substantial turnover rent paid over and above the base rental. Note: the 2023-24 turnover rent will pass 100% to the new owners after settlement and invoice in September/October 2024. Another attractive point is that McDonalds pays 100% of the outgoings including insurance and structural maintenance for this site.
This property makes for an ideal superannuation fund investment or property investment to compliment or start your portfolio.
• A sought-after investment covenants
• Ideal investment for the astute investor
• An investment in Northern Australia within proximity of Tindal Air Force Base and significant mining tenements.
More details (including rental income) are set out in an Information Memorandum which can be provided to interested parties upon competition of a Confidentiality Deed.
Mortgagee Sale
For Sale by Public Auction 1pm (AEST) Tuesday 30 April 2024
at Auction Works 50 Margaret Street, Sydney
Live viewing and bidding will be available online or at the Knight Frank NT office, located at Ground Floor, 46 Smith Street Mall Darwin 12.30pm (ACST)
Open inspections will be held on:
Friday 12th & Saturday 13th April 2024 12pm to 2pm
Friday 19th & Saturday 20th April 2024 12pm to 2pm
Please contact agents to confirm your attendance, or for more information on the property.
