EnsureBclBuildImported pre-build check causing build errors in Visual Studio 2014 Update 4

After the recent update to Update 4 creating a new web application is by default causing a build error. The real error message is as follows: This project references NuGet package(s) that are missing on this computer. Enable NuGet Package Restore to download them. For more information, see http://go.microsoft.com/fwlink/?LinkID=317567. Editing the project file revealed the following line: <Target Name="EnsureBclBuildImported" BeforeTargets="BeforeBuild" Condition="'$(BclBuildImported)' == ''"> <Error Condition="!Exists('..\packages\Microsoft.Bcl.Build.1.0.14\tools\Microsoft.Bcl.Build.targets')" Text="This project references NuGet package(s) that are missing on this computer. [Read More]