An industrial property in Hastings that benefits from a prominent position on a key arterial route is available for purchase, giving buyers the opportunity to acquire an asset with split-risk income.
Located at 812-814 Karamu Road North, Hastings, the property spans two freehold titles and has a combined land area of approximately 2,764sq m. There is 1,469sq m of total net lettable area across the two tenancies.
Outdoor Power, a well-known local operator providing a full range of outdoor and power equipment solutions, is based in the front tenancy of No 812, which measures 675sq m.
The company renewed their lease in 2024 for a further three years.
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Harker Herbals, a leading New Zealand-owned company that specialises in liquid herbal supplements, occupies the rear tenancy at No 814 that spans 794sq m.
Harker Herbals recently committed to a three-year lease term that began in August last year and has a final expiry of 31 July 2038 if all renewals are exercised.
Together, the tenancies provide a combined net annual rental income of $161,000 plus GST. The property is zoned Commercial Service Zone under the Hastings District Plan.
Colliers Brokers Ian McLachlan and Danny Blair have been exclusively appointed to market the property for sale via negotiation.
McLachlan, Sales and Leasing Broker at Colliers Hawke's Bay, says the asset's high-profile location and prominent street frontage make it well suited to retail, service, or showroom-based operators.
"Sitting in the busy Mayfair commercial precinct, the property enjoys excellent visibility on one of the main roads in Hastings that has consistently high volumes of passing traffic," McLachlan says.
"The site offers excellent exposure for tenants, and the convenient on-site car parking and accessibility is beneficial for customers and suppliers."
The property's strategic positioning means there is easy access to key transport routes such as the Hawke's Bay Expressway.
There is also a collection of nearby amenities and retail offerings such as Rebel Sport, Briscoes, and Mitre 10, which are all only a few minutes away.
The centre of Hastings can be reached quickly, and the Hawke's Bay Airport is approximately 24km away.
Blair, Director at Colliers Hawke's Bay, says this compelling purchasing opportunity gives investors the chance to acquire a high-performing asset with a steady rental stream that is underpinned by two separate tenants.
"The Harker Herbals tenancy includes market reviews on renewal providing potential future income growth for the new owner and their agreement provides $85,000 plus GST in net annual rental income," Blair says.
"The agreement with Outdoor Power runs into next year and includes annual CPI increases. There is potential to renegotiate a new lease or seek a new tenant for the property to enhance the future income stream.
"The property is surrounded by a host of established businesses, making this an appealing offering in a thriving commercial hub."
- Supplied by Colliers
