$20m portfolio for sale with high-profile tenants
Four commercial properties across Marlborough and Nelson, with a combined capital value topping $20 million, have gone on the market.
Occupying the properties are, in Blenheim, The Warehouse and Burger King and, in Motueka, Countdown and Placemakers, with leases locked in until at least 2023.
The buildings are owned by Nelson-based family-run business Gibbons, which was founded in 1950.
The Warehouse and Countdown sites would be sold by auction on March 6, while the remaining two properties had been put to tender, closing on March 12.
Bayleys Nelson salesman Paul Vining said the two premises being marketed for sale by tender could be tendered for individually, or as one combined lot.
He expected interest to come from within the top of the South Island, and from investment syndicates and funds throughout New Zealand.
He said the size and diversity of the portfolio also placed it in the potential sights of international investors.
The purpose-built red shed in Blenheim was a 7011-square-metre building sitting on a 12,260sqm piece of land.
The sale included the twostorey, 3390sqm parking building.
The Warehouse had a nine-year lease running through to 2027, with three further four-year rights of renewal and generated an annual rental of $1,065,330.
The capital value of the property on the Marlborough District Council website was $13,900,000.
The Countdown supermarket, in Motueka, was a 2957sqm building on 6340sqm of leasehold land. The building was also tenanted by oral healthcare facility Motueka Dental Centre.
Occupying most of the site, Countdown had a lease running through to 2026, with two further 10-year rights of renewal.
Motueka Dental Centre’s lease ran to 2023. Both tenancies generated a combined net annual rental of $407,733.60. The property’s capital value was $6.65m, according to the Tasman District Council.
‘‘All four properties tick the basic essential fundamentals for any investor – all being modern buildings with solid tenants on long leases.’’
Paul Vining, Bayleys Nelson
Burger King, in Blenheim, would be sold by tender. The property was 1770sqm accommodating a Burger King outlet in a 253sqm building.
Burger King’s lease term ran through to 2023, with two further four-year rights of renewal, generating annual rental of $176,800.
The capital value according to the Marlborough District Council website was $2,410,000.
Motueka’s Placemakers, on High St, had a capital value of $720,000, according to the Tasman District Council website.
The 2240sqm of leasehold land housing a branch of Placemakers in a 596sqm building would be sold by tender.
Placemakers had a lease running through to 2027, with three further seven-year rights of renewal, generating annual rent of $60,311.
Vining said the old adage of ‘‘location, location, location’’ was an underlying prerequisite when the four properties were bought.
‘‘Additionally, all four properties tick the basic essential fundamentals for any investor – all being modern buildings with solid tenants on long leases.’’
Gibbons Holdings had a diverse portfolio of properties in industrial estates, warehouse and distribution centres, office parks, commercial office buildings, residential and sub-divisions as well as forestry and construction businesses.