Hastings gym site fit for investment
The Hastings CBD-fringe premises housing global fitness franchise BFT is on the market.
The more-than 1400-squaremetre freehold site with prime frontage to the busy Heretaunga Street West is home to a modern gym franchised to BFT, otherwise known as Body Fit Training.
Founded five years ago in Victoria, Australia, BFT has sold over 300 franchises and has more than 50,000 members globally.
TMC Fitness Limited, trading as BFT, occupies the 1023 Heretaunga Street West site on a current lease that runs through to 2027 with a further five-year right of renewal.
The fully leased site generates an annual net rental income of $85,000 plus all outgoings and GST.
The lease agreement incorporates CPI rent reviews, or a 2% rent increase if higher than CPI, every 2.5 years. These are replaced by a market review at lease renewal.
Mark Evans of Bayleys Napier said the property comprised building of about 533 square metres. It was two-storied at the rear and had been remodelled to a high standard for the international gym franchise, with a modern residential apartment upstairs and off-street parking for 23 vehicles.
‘‘The premises have undergone a significant new tenant fit-out for BFT, resulting in a pristine fit-forpurpose facility with air conditioning,’’ Evans said.
‘‘The modernised, open-plan gym space on the ground floor is supplemented by the first-floor apartment plus balcony and rear garage.’’
The property has an Initial Evaluation Procedure seismic rating of 74% New Building Standard.
‘‘The excellent secure parking and dual access or drive-through capability will ensure the property’s appeal for a variety of future uses,’’ said Evans.
Rollo Vavasour of Bayleys Havelock North said the site was part of the city’s Commercial Service zone under the Hastings District Plan and had high visibility to busy vehicle and foot traffic on Heretaunga Street.
‘‘The property enjoys a superb Stortford Lodge location within the fringe of Hastings CBD with excellent profile and a well-positioned building on the site,’’ Vavasour said.
‘‘High-profile Heretaunga Street is easily accessible and has good parking.
‘‘This location is an excellent fit for the tenant, thanks to its close access to the surrounding residential area and commercial areas within central Hastings and the surrounding district, with direct access to the Hawke’s Bay Expressway.’’