Prime trade retail investment
The high-profile trade retail property occupied by Bunnings Hastings is on the market, presenting prospective buyers 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, the property has substantial landholding of 9080m2 zoned Commercial Service.
Bunnings Hastings has occupied the site since 2016 and began a new five-year lease last year that will run until December 2026. It has one further right of renewal for five years. The total annual rental income from the lease agreement is $521,551 plus GST and the 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. Its Australasian store network is made up of 282 large warehouse stores, 67 smaller-format stores, and 32 trade centres and frame-and-truss sites.
Colliers Hawke’s 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, Hastings’ main retail strip. ‘‘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. 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. 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.’’
• Strong cashflow business
• Modern multi-tenanted 292 unit self storage facility
• Consistently high occupancy levels
• Strong financial growth over last five years
• Impressive annual rental, over $700,000 excluding GST
• Room for expansion and business growth
M theo.deleeuw@naiharcourts.co.nz
M mike.neale@naiharcourts.co.nz
• KFC as longstanding Tenant (part of successful NZX listed Restaurant Brands)
• Currently returning $125,000pa plus GST & Outgoings
• Current lease term runs to 30 June 2026 with final expiry of 29 June 2036
• Purpose built with drive through
• High profile location with significant on-site car parking
• 100% (A Grade) earthquake rating
• New roof to be installed at Vendor’s cost
M brad.martin@naiharcourts.co.nz
M mike.neale@naiharcourts.co.nz
• Returning $20,000pa plus GST & Outgoings
• Freehold site with dual (commercial/residential) income
• Large re-metalled secured yard with profile
• Refurbished workshop/office space
• Exposure to State Highway 1C & Massey Street over bridge
• Onsite parking/secure yard with dual access
• Vacant possession, would suit Owner/Occupier
• Land area 832sqm (more or less)
M nicky.allardice@naiharcourts.co.nz
M sean.stephens@naiharcourts.co.nz
• Baan Thai and Body Cafe as Tenants
• Opportunity to occupy ground floor hospitality tenancy
• Currently returning $72,200pa plus GST & Outgoings
• Landlord ownership of commercial kitchen
• Freehold site with on-site car parking
• Significant redevelopment within the surrounding area
M mike.neale@naiharcourts.co.nz
M brad.martin@naiharcourts.co.nz