Eye-catching site attracts investors
A highly visible property with multiple tenants on a prominent corner site in central Hastings offers buyers the opportunity to secure an attractive split-risk investment.
401-407 Holt Place is home to a 350sq m building occupied by a recruitment agency, while anchor tenant Hirepool has a 1105sq m facility and substantial yard space.
The landholding spans 4411sq m, is spread across five freehold titles and is zoned Large Format Retail under the Hastings District Plan.
With dual access from Holt Place, there is convenience for staff, customers and suppliers, while the property enjoys significant exposure to St Aubyn St East, a main arterial route.
Sitting over the road from a busy Kmart, there’s a host of high-profile national retailers in the surrounding area. The Hastings CBD is only 650m away, while the Hawke’s Bay Expressway sits 5km away.
Total net annual rental income from the property is $314,601 plus GST.
Colliers Hawke’s Bay director Danny Blair is marketing the property via deadline private treaty closing at 4pm, Wednesday December 6, unless sold prior.
Hirepool’s building at 407 Holt Place was constructed in 2008 and provides a drivethrough covered canopy area with dual access. The building has 957sq m of space on the ground floor, while the first floor spans
160sq m and the mezzanine area measures 57sq m.
The large service and reception area on the ground floor is open-plan with kitchen facilities and access to the outdoor service area, wash bay and workshop that offers roller door access. The first floor comprises a large open-plan office, individual offices and bathroom facilities.
Hirepool has a six-year lease that runs until April 2024 and there are further rights of renewal for four and three years, respectively, leading to a final expiry of April 2031.
The lease provides $263,753 plus GST in net annual rental income and includes future rent reviews.
The 350sq m office building at 405 Holt Place was constructed in 1991 with further additions in 1996.
The building houses The Development Hub which works with women to help them develop a more positive future through employment, education, and training opportunities.
The Development Hub’s current lease returns $50,848 plus GST in net annual rental income and expires in July 2024.
Blair says this property shapes as an attractive proposition to discerning investors who will covet the prime position of this site in a strategically located trade retail hub.
“The underlying strength of the tenant covenant through Hirepool being the longtime occupant of the property will be highly appealing for buyers.”