Katikati supermarket with key SH2 location
Katikati Countdown, the only major supermarket in the growing western Bay of Plenty town is for sale.
CBRE negotiator Buzz Scown said the 10,283-square-metre property included the 3225sqm building constructed in 2012 as a purpose-built Countdown supermarket, with retail space, first floor offices and amenities and a loading bay, and 158 onsite car parks.
The building had recently undergone strengthening work to increase its seismic rating to 67% of new building standard, he said.
With a long term lease to General Distributors, the operator of the Countdown brand, which is in turn owned by Australian retail giant Woolworths Group, the property offered strong security of income, said Scown.
Multiple rights of renewal on the original 10-year lease gave a final expiry date in 2062, while rent reviews were also built into the lease, providing regular income growth, he said.
‘‘This is a high-quality investment asset with an exceptional tenant covenant, in a location with no major competitor and the benefit of a strong and growing local population,’’ Scown said.
The supermarket’s location on the eastern side of State Highway 2 between Waihi and Tauranga, gave it high visibility with alternative side street access.
CBRE negotiator Cherry Higginson said the supermarket’s catchment area extended between Waihi and Omokoroa.
The region’s population was 21,210 according to the 2018 census.
‘‘The Countdown brand is now well known and established at this location and offers a very strong tenant covenant,’’ said Higginson.
Supermarket properties were viewed as exceptionally strong investments, owing to the non-cyclical nature of the business, Higginson said.
‘‘The future financial security and performance of this investment opportunity is underpinned by demand for food. This ensures supermarkets continue to trade well during both short-term interruptions to business, as well as longer-term economic downturns.’’
• Possibly the last available section at Te Rapa Gateway
• Strategically located 7,944sqm (more or less) industrial land at Te Rapa Gateway
• New title expected July/August 2022
• Opportunity for owner occupation or development
• Close to State Highway connections north and south
Deadline Sale closing 4pm 30th June 2022, 678 Victoria St, Hamilton (unless sold prior)
Theo de Leeuw M theo.deleeuw@naiharcourts.co.nz
Sean Stephens M 027 478 1669 sean.stephens@naiharcourts.co.nz