Opportunity to pick up trophy with Hawke’s Bay neighbours
Two neighbouring commercial properties in Hastings are for sale, offering the opportunity to acquire one or both assets.
923 Southampton St West is home to a 715sq m purpose-built childcare facility and cafe that sits on a 2465sq m freehold site.
205 Davis St, currently tenanted by a church, has 1021sq m of floor area on a 2757sq m freehold site.
Total net annual passing income from both properties is $494,947 plus GST. The properties are zoned Hastings General Residential.
The building at 205 Davis St can be acquired with vacant possession or the existing occupants can remain on a new twoyear lease, meaning owner-occupiers, developers and add-value investors will have interest in the property as there is considerable potential attached to it.
The properties are close to the Stortford Lodge suburban shops and within 2km of Hastings CBD. Recreation grounds are directly opposite the properties adjoining the Stortford Lodge Saleyards. Surrounding developments are largely residential.
Colliers Hawke s Bay director Danny Blair is marketing what he calls a potential trophy asset via negotiation.
923 Southampton St West is a childcare facility licensed for 108 preschool children, including 40 under 2 years.
The building was constructed in 2015 to a very high standard and the interior provides modern fixtures and fittings to all areas and modern interior decor throughout. The fully fenced property has a 67sq m cafe, 81sq m first-floor office and 569sq m of space on the ground floor.
Busy Bees Aotearoa, a nationally recognised childcare provider, has a long-term lease at the property that runs until 2030 and there are multiple rights of renewal in place leading to a final expiry of March 2045.
The Little Saints Cafe began a six-year lease in February and there are three rights of renewal for two years each, leading to a final expiry of January 2035. Strong Property Group leases office space on the first floor. Total annual rental income from the property is $344,947 plus GST.
205 Davis St, on a prominent corner site, was refurbished in 2017, seismically upgraded, and developed into a contemporary church featuring a 500-seat auditorium that spans 336sq m. The building also includes a
242sq m internal gymnasium, foyer, kitchenette, offices and storage rooms.
C3 Church Hawkes Bay Trust has a twoyear lease that will commence on settlement with three further rights of renewal for two years each. The annual rental income is $150,000 plus GST.