Prime trade retail investment in Hastings
The high-profile trade retail property occupied by Bunnings Hastings is on the market, presenting prospective purchasers with the opportunity to secure a premier asset with a blue-chip tenant.
Located on a prominent corner site at 207 and 301 Market St North, Hastings, the property has substantial landholding of 9080m2 zoned Commercial Service.
Bunnings Hastings has occupied the site since 2016 and began a new fiveyear lease last year that will run until December 2026. The hardware store has one further right of renewal for five years
The total annual rental income from their lease agreement is $521,551 plus GST and their lease includes 2.5% annual rental increases with market reviews on renewal.
Bunnings is a leading retailer of home and lifestyle products for consumer and commercial customers in Australia and New Zealand and is a major supplier to project builders, commercial tradespeople, and the housing industry.
Across Australia and New Zealand, its store network is made up of 282 large warehouse stores, 67 smaller format stores, and 32 trade centres and frame and truss sites.
Colliers Hawkes Bay director Greg Goldfinch said the property offered frontages to Market St North and Saint Aubyn St West, and was located one block from Heretaunga St, the main retail strip of Hastings.
‘‘Saint Aubyn St forms the northern traffic route around the Hastings CBD and is one of the busiest streets in Hastings. The entrance to the subject property is via Market St North,’’ he said.
‘‘This corner site enjoys exceptional exposure to passing traffic and is surrounded by big brand retailers such as
Spotlight, Briscoes, Rebel Sport, and Kathmandu.’’
Danny Blair, also a director at Colliers Hawke’s Bay, said this property provided a strong tenant covenant and presented as a prime passive investment.
‘‘This property has a range of key investment fundamentals, including a prominent tenant occupying a highly functional property in a prime location,’’ he said.
‘‘Bunnings is one of the most recognisable brands across the New Zealand retail landscape and are long-term occupants at the site,’’ Blair said.
‘‘With future rental growth locked in through the current lease, this represents an outstanding offering for buyers who have the opportunity to secure a top-quality asset with an established occupant.’’