The modern purpose-built store run by home improvement giant Mitre 10 is up for sale in a standout central Whakatāne location.
The high-profile property sits on the fringe of the town centre with outstanding exposure to vehicle and foot traffic at the corner of McAlister and Bracken streets.
The Mitre 10 outlet serves a wide Eastern Bay of Plenty catchment seven days a week with hardware sales and supplies from a timber yard and garden centre.
Mitre 10 occupies the site on a current lease that runs through to 2028, with rights of renewal extending to 2050.
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This generates a net rental return of $212,690 plus outgoings and GST per annum, with built-in annual CPI rent reviews.
A co-operative of 86 independent locally owned stores, Mitre 10 is New Zealand’s largest home improvement and garden retailer and trade merchant.
It has been equipping and supporting DIY enthusiasts and tradies since 1974.
The chain has been voted the country’s most trusted home improvement brand 14 times in the Reader’s Digest Trusted Brand Awards.
The Whakatāne store buildings of approximately 2,277 square metres are underpinned by some 4,624 square metres of commercial-zoned land across two freehold titles.
Operations are supported by plenty of on-site parking, dual street frontages, and drive-through access from Bracken Street to McAlister Street.
The freehold land and buildings at 11-13 McAlister Street will go under the hammer at an auction on Tuesday 28 July (unless sold prior).
The sale is being marketed by Larissa Reid of Bayleys Whakatāne.
Reid said buyers eyeing expansion options have the opportunity to also purchase an adjacent freehold commercial parcel of a further 1,466 square metres.
“The purpose-built store premises at 11-13 McAlister Street have been custom designed to meet the requirements of a national retailer, maximising operational efficiency and functionality.
“Occupying a substantial corner landholding, this well-presented property enjoys standout street presence with over 100 metres of dual street frontage.
“A tightly held asset of this calibre presents a rare investment opportunity, with a compelling combination of secure income, prime location and future growth potential within an established commercial precinct,” she said.
Reid said the central location enabled the tenant to draw customers from across Whakatāne and a wider regional catchment.
“Whakatāne is the main service and administrative centre for the Eastern Bay of Plenty.
"This places this town of around 17,000 people in the heart of a diversified and resilient regional economy drawing strength from productive dairy, horticulture and forestry industries, tourism, and proximity to the Port of Tauranga.
“Connectivity with major population centres is an added strength for those doing business here, being less than 90 kilometres from the Bay’s two biggest cities, Tauranga and Rotorua, and within relatively easy reach of half of New Zealand’s population,” Reid said.
- Supplied by Bayleys
