‘ Off the rack’ in Feilding
The land and buildings housing the regional outlet for one of New Zealand’s largest fashion chain retailers has been placed on the market for sale.
The Feilding branch of Postie Plus, at 161 Kimbolton Rd in the Manawatu township, is a single storey 492sq mpremises sitting on 922sq m of freehold land.
It comes complete with nine on- site car parks.
International retailing giant Pepkor has owned Postie Plus since 2014. Pepkor has retailing operations in 15 countries.
In New Zealand, Postie Plus now has 65 physical stores nationwide plus a webstore offering quality women’s fashion, childrenswear, menswear, underwear and health and beauty products.
The Feilding property is being marketed for sale by private treaty, with offers being taken until August 3 through Bayleys Palmerston North. The property features in Bayleys’ latest Total Property portfolio magazine.
Bayleys Palmerston North salesperson Lewis Townshend said the conveniently located retail property was built in 2011 and had been continuously occupied by Postie Plus over the intervening years.
Postie Plus is currently on a lease running through until 2020 — generating annual net rental of $ 84,000 net. The Feilding branch is one of the brand’s top 10 performing stores in New Zealand. The next nearest Postie Plus outlet is in Palmerston North.
The Kimbolton Rd property is situated in Feilding’s bulk retail hub — with neighbouring tenants including The Warehouse, Resene Colour Shop and Countdown supermarket.
Townshend says the quality of the building, combined with the reputation of the tenant, make the property an ideal investment opportunity. A two- level office space with kitchenette and bathroom plus one onsite carpark is for sale at 4/ 192 Victoria St West.
Barfoot & Thompson commercial sales broker Reese Barragar is selling the entry level freehold property, which has a rating valuation of $ 300,000 ( July 2014).
It is in an area of the city zoned Business- City Centre and currently leased to an office tenant on a month to month basis.
“This property can be offered with vacant possession, with a minimum of 30 days notice,” says Barragar.
“Right now it i s well presented office space, but it would also be ideal for an owner- occupier, or investor, to add value by converting the space into a residential apartment.”
The property now returns annual gross rent of $ 45,040; rates are $ 3159 and body corporate fees $ 2381.
“Situated in Auckland’s Centra Business District, it’s only about 10 minutes walk from downtown Auckland and close to all major arterial routes,” says Barragar.
“In recent years this location has grown in popularity with many business and residents due to the character, vibrancy and wide range of high quality amenities and services nearby.”
The deadline private treaty sales process concludes next Wednesday ( July 26), unless sold earlier.