Asset Plus Ltd announced its intention on Friday to build a fast-food restaurant for Restaurant Brands Ltd on a bare site at the Eastgate Shopping Centre in Christchurch.
The agreement to lease is conditional on Asset Plus getting resource consent before 23 November.
Restaurant Brands will lease the 250m² net lettable area building on a 10-year lease term from completion in 2021. The conditional lease doesn’t stipulate which brand of fast-food outlet would occupy the premises.
Asset Plus chair Bruce Cotterill said the property company would spend $1.3 million on the development, excluding land already held, and had forecast a 20% development margin & 6% yield on cost.
The lease agreement requires completion within 9 months of the agreement going unconditional, subject to extension for force majeure events.
Attribution: Asset Plus.