Co-op puts high per­form­ing sites on the mar­ket

Matamata Chronicle - - Property - By JAMIE SMALL

Three Waikato Farm­lands stores are be­ing of­fered up for a sell and lease-back deal.

The co-oper­a­tive is sell­ing its Mata­mata, Huntly and Te Awa­mutu build­ings.

All three farm goods stores will con­tinue to op­er­ate from the lo­ca­tions, and Farm­lands will lease the sites back from the buyer.

The prop­er­ties are be­ing mar­keted to share­hold­ers and the pub­lic by Farm­lands Real Es­tate, a wholly-owned sub­sidiary of the group.

‘‘It’s just the pol­icy that the co-oper­a­tive has,’’ Farm­lands Real Es­tate gen­eral man­ager Calvin Leen said.

‘‘They’ve been get­ting out of the own­er­ship of build­ings and putting that eq­uity back into the business to help drive other sales op­por­tu­ni­ties.’’

Last year the co-oper­a­tive merged with ‘‘ sis­ter co- oper­a­tive’’ CRT, which had al­ready di­vested it­self of most of its prop­er­ties.

Farm­lands has nine re­tail prop­er­ties in the North Is­land and chose th­ese three as good op­tions to put up for sale.

‘‘The rea­son why we’ve put th­ese par­tic­u­lar stores to the mar­ket . . . is there’s three dif­fer­ent price points here of the mar­ket.

‘‘And ob­vi­ously the Waikato; we see that as be­ing a good long-term area for peo­ple to invest in,’’ Leen said.

‘‘ Strate­gi­cally they’re lo­ca­tions.’’

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He said stores.

‘‘The Te Awa­mutu store is the lead­ing mer­chan­dise store na­tion­ally for the Farm­lands co-oper­a­tive.’’

The co- oper­a­tive op­er­ates through­out New Zealand.

Based on Ben­son Rd, the land area of the Te Awa­mutu store is 4500sqm with a build­ing area of 1060sqm.

The Mata­mata store, on the cor­ner Man­gawhero Rd and Rock­ford St, 1091sqm on a land area of 4405sqm.

Both stores were built and opened 2011.

The Huntly store on George Dr was built and opened in 2012.

The land area is 3861sqm with a build­ing area of 840sqm.

Farm­lands will lease the build­ings for an ini­tial 12-year fixed term with seven rights of re­newal for three years each.

The Te Awa­mutu store will re­turn $189,100 a year in rent, and Mata­mata and Huntly will re­turn $178,735 and $132,025 re­spec­tively.

Ten­ders close on De­cem­ber 10.

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