Retail and industrial property portfolio
A commercial and industrial property portfolio in Masterton - featuring a block of high street shops, a vehicle testing station, and an industrial hub is on the market for sale.
The three properties are based at various locations across Masterton in the Wairarapa and are being marketed for sale individually by tender through Bayleys Wairarapa, with the tender process for each property closing at 2pm on September 19.
Bayleys Wairarapa salesperson Steve McColl said each of the properties offered a totally different tenancy mix from the others. “There is considerable diversity within these three listings,” Mr McColl said, “offering multiple risk-appetite and development opportunities for the full spectrum of buyers in the commercial property sector – ranging from owner/occupiers and passive investors through to developers,” Mr McColl said.
Heading the list is a substantial 4,59sq m industrial warehousing and factory complex at 32 Bentley Street spread across three titles, and sustaining some 2,056sq m of high-stud buildings.
“The three modern units are built around a recently-sealed yard, and are fully tenanted with six lease agreements – generating a net income of $94,500 plus GST per annum,” Mr McColl said.
Anchor tenant at the property is national water services infrastructure management company City Care. Other tenants within the property include a gymnasium and fitness centre, an event equipment hireage firm, and a metalwork engineering shop.
Also on offer are the land and purpose-built buildings housing the Masterton location of VTNZ at 157 Ngaumutawa Road.
VTNZ is currently on a lease running through to 2021 with two further three-year rights of renewal currently generating a net rental of $80,700 plus GST per annum.
Rounding out the portfolio is the one of the most well-known retail buildings within Masterton’s central business district – five shops housed in what was formerly known as the State Theatre at 25-33 Queen Street. The two-storey building sits on some 1,161sq m of freehold commercial-zoned land. “The art deco State Theatre premises now house retail sites such as a hairdressing salon, two financial services companies, and a tattoo studio,” Mr McColl said.