A high-profile trade retail property that is located on a prominent corner site in Hastings is being offered to the market for sale, presenting prospective purchasers with the opportunity to secure a premier asset with a blue-chip tenant.
207 and 301 Market Street North in Hastings has 4,600sq m of total net lettable area and is home to Bunnings. The building sits on a substantial landholding of 9,080sq m and is zoned Commercial Service.
Bunnings have occupied the site since 2016 and began a new five-year lease last year that will run until December 2026. They have one further right of renewal for five years.
The total annual rental income from their lease agreement is $521,551 plus GST and their lease includes 2.5 per cent annual rental increases with market reviews on renewal.
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The property offers frontage to Market Street North and Saint Aubyn Street West, and is located one block from Heretaunga Street, the main retail strip of Hastings.
Saint Aubyn Street forms the northern traffic route around the Hastings CBD and is one of the busiest streets in Hastings. The entrance to the subject property is via Market Street North.
The property offers approximately 100 on-site car parks and has a 75 per cent NBS rating.
Colliers Directors Danny Blair and Greg Goldfinch have been exclusively appointed to market the property for sale by deadline private treaty closing at 2pm on Friday 9 December, unless sold prior.
Bunnings is the leading retailer of home and lifestyle products for consumer and commercial customers in Australia and New Zealand and are a major supplier to project builders, commercial tradespeople, and the housing industry.
Across Australia and New Zealand, their store network is made up of 282 large warehouse stores, 67 smaller format stores, and 32 trade centres and frame and truss sites.
Revenue across the 2022 financial year totalled $17.8 billion and as of 30 June 2022, Bunnings employed nearly 53,000 team members.
Blair, Director at Colliers Hawke’s Bay, says this property provides a strong tenant covenant and shapes as a prime passive investment.
“Bunnings is one of the most recognisable brands across the New Zealand retail landscape and are long-term occupants at the site,” Blair says.
“With future rental growth locked in through the current lease, this represents an outstanding offering for buyers who have the opportunity to secure a top-quality asset with an established occupant.”
Goldfinch, National Director of Industrial at Colliers, says the property is strategically located among a range of prominent businesses.
“This corner site enjoys exceptional exposure to passing traffic and is surrounded by big brand retailers such as Spotlight, Briscoes, Rebel Sport, and Kathmandu,” Goldfinch says.
“With convenient access from the street and ample parking, this location is extremely user-friendly for customers.
“The building offers more than 4,000sq m of ground floor retail space, while there’s a 739sq m outdoor nursery. On the mezzanine level there is a lunchroom, meeting room, office space, and a storage area.”
Blair says investment offerings of this nature are seldom seen on the open market in Hawke’s Bay.
“This property has a range of key investment fundamentals, including a prominent tenant occupying a highly functional property in a prime location."
- Article supplied by Colliers
