Prime trade shopping investment in Hastings
A high-profile trade retail property on a prominent corner site in Hastings is for sale, presenting the opportunity to secure a premier asset with a blue-chip tenant.
207 and 301 Market St North has 4600sq m of total net lettable area and is home to Bunnings home improvement store. The building sits on a substantial landholding of 9080sq m and is zoned Commercial Service.
Bunnings 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 per cent annual rental increases with market reviews on renewal.
The property offers frontage to Market St North and St Aubyn St West, and is one block from Heretaunga St, the city’s main retail strip.
The property offers approximately 100 onsite carparks and has a 75 per cent NBS rating.
Colliers directors Danny Blair and Greg Goldfinch are marketing the property for sale by deadline private treaty closing at 2pm on Friday 9 December, unless sold prior.
Blair says this property provides a strong tenant covenant and shapes as a prime passive investment. “Bunnings is one of the most recognisable brands across the New Zealand retail landscape and 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.”
Goldfinch says the property is strategically located among a range of prominent businesses.
“This corner site enjoys exceptional exposure to passing traffic and is surrounded by big-brand retailers such as Spotlight, Briscoes,
Rebel Sport and Kathmandu.
“The building offers more than 4000sq m of ground floor retail space, while there’s a 739sq m outdoor nursery. On the mezzanine level there is a lunchroom, meeting room, office space and a storage area.”
Blair says investment offerings of this nature are seldom seen on the open market in Hawke’s Bay.
“This property has a range of key investment fundamentals, including a prominent tenant occupying a highly functional property in a prime location.”