Only integrated pool and gym in Hastings
The only integrated pool and gym facility in Hastings is for sale, presenting an opportunity to acquire a recently refurbished, tenanted investment property on a new six-year lease.
Located in the heart of Stortford Lodge, 111 Maraekakaho Rd is a purpose-built fitness complex in operation since 1995.
The business is now under new ownership with a new lease in place as of Monday, November 11, returning $170,000 in net annual rent.
Colliers International has been appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday, December 3, unless sold earlier.
Broker Ian McLachlan says it represents a unique offering for Hastings. “As the city’s only pool and gym complex, this property is ideally positioned to capitalise on growing demand for health and fitness services.
“The facility’s centrepiece is a four-lane, 25m indoor heated pool. This is complemented by a gym and activities area.
“The property underwent a major refurbishment last year, including upgraded toilets, new pool showers, new card systems, new airconditioning, pool filtering and air flow systems, a new sauna and full decoration.
“It is superbly located within a block of Hawke’s Bay District Hospital and backs on to a Coffee Club cafe.
“There is also ample on-site car parking, making the property highly convenient for both tenants and users.
“The property also has good redevelopment potential, as it could easily be converted to office or showroom use.”
The property comprises a 1050sq m complex on a 2023sq m freehold site with Light Industrial zoning.
The building has a 100 per cent NBS seismic rating. It is primarily built of precast concrete external walls with timber portal frames supporting a lightweight translucent roof.
The facilities are spread over three wings, all of which are on a single level, aside from a first-floor lounge overlooking the pool hall.
The 339.5sq m pool hall wing is located to the western side of the building. It is accessed off a 143.4sq m entry and reception area, which sits below the first-floor lounge.
The 139.1sq m central gym wing is to the south of the reception area, while the 129.4sq m aerobics wing was added to the east of the complex in
1996.
The property is leased to Complex Forme Ltd. The gym offers members
24-hour access to its pool, spa, sauna and training facilities. Group fitness classes are also available.
The fully equipped gym includes cardio equipment and weight machines. New hi-tech gym equipment is due to arrive in January 2020.
The gym’s lease includes a stepped rental provision whereby the tenant pays $150,000 in annual rent over the first two years, $160,000 in the third year, and $170,000 from the fourth.