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, Hastings is home to a 350sq m building occupied by a recruitment agency, while anchor tenant Hirepool has a 1,105sq m facility and substantial yard space.
The landholding spans 4,411sq m and is spread across five freehold titles and is zoned Large Format Retail Zone 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 Saint Aubyn Street East, a main arterial route in Hastings.
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Sitting over the road from a busy Kmart, there’s a host of high-profile national retailers in the surrounding area, including Bunnings, Noel Leeming, Briscoes, and Rebel Sport, among others.
The total net annual rental income from the property is $314,601 plus GST.
The Hastings CBD is only 650m away, while the Hawke’s Bay Expressway sits 5.1km away.
Colliers Hawke’s Bay Director Danny Blair has been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 6 December, unless sold prior.
Hirepool’s building, located at 407 Holt Place, was constructed in 2008 and provides a drive-thru 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 have a national footprint and have been operating in New Zealand since 1955 with their large range of products and services.
They have 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.
Their 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 who work with women to help them develop a more positive future through employment, education, and training opportunities. Their success is driven through partnerships with the government, businesses, and community organisations.
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 long-time occupant of the property will be highly appealing for buyers. Their lease also includes future rental growth,” Blair says.
“The impending lease end for the occupant of the smaller office building at the site provides options for the new owner and it could be leased out or potentially repositioned.
“Investment opportunities of this calibre are seldom seen in Hastings.”
Article supplied by Colliers
