Menswear premises well-suited to provincial investors
The land and building comprising a regional outlet for one of New Zealand’s best-known men’s fashionwear stores has been placed on the market.
The Stafford St property in Timaru is home to clothing retailer Hallenstein Brothers which has been on the site for 22 years. It sits on the intersection with Church St in the city’s main retail precinct with high foot traffic and vehicle traffic flows.
Originally built for Westpac Bank in the 1970s and occupied by the bank until the late 1990s, the premises were refitted to meet Hallenstein Brothers’ open-plan retail requirements. The premises are zoned commercial 1A under the Timaru District Council plan, which strongly promotes retail activity.
The 370 sq m building sitting on some 297 sq m of land has been placed on the market for sale by deadline private treaty through Bayleys Timaru, with offers closing on June 9.
Bayleys Timaru salesperson Mark Parry said Timaru’s Hallenstein Brothers outlet was surrounded by a catalogue of New Zealand retail brand outlets – including Smith City, Warehouse Stationery, Farmers, Noel Leeming, Ballantynes, Whitcoulls, Rebel Sports, and Number One Shoes, interspersed with a plethora of food and beverage operations.
Hallenstein Brothers is currently on a net lease running through to 2023 with a further five-year right of renewal, generating annual net rental of $94,168 plus GST. The single-storey building, with a mezzanine floor, is constructed of concrete framing with steel truss roof, while the walls consist of masonry blocks.
The property has a new building standards rating of 86.9 per cent, and enjoys flat access from the pedestrianfriendly Stafford St footpath frontage. The mezzanine level of the building contains staff amenities – including a lunchroom and bathrooms.
Parry said the Stafford St precinct in which the building is located has been highlighted in the council‘s Long-Term Plan 2021–2031 - particularly focusing on the Caroline Bay locale through to the heritage hub at the southern end of the road.
“The council has identified three development options for this area, focusing on themes of ‘regeneration’ and ‘transformation’ designed to improve the look and feel of the innercity public spaces over a 10-15-year time frame,” Parry said.