A highly visible retail building on a prominent corner site in central Hastings that is home to well-known tenants is being offered to the market for sale.
244 Heretaunga Street West in Hastings has 6,689sq m of total net lettable area on a 3,839sq m freehold site.
Department store Farmers serves as the anchor tenant at this two-storey building, while TSB Bank leases 187sq m of space on the ground floor.
Farmers has exercised a right of renewal early on their lease meaning their current agreement runs through until July 2032 and there is one further renewal for five years remaining. TSB Bank’s lease runs until 30 September of this year. The property returns $1,737,389 per annum in net rental income.
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The subject property, part of the ‘200’ block of retail, is located in the heart of the Hastings CBD and has a high-profile location with ample parking surrounding the building.
The ‘200’ block is known traditionally for its high foot traffic count and attracts national retail brands such as Michael Hill Jeweller, Specsavers, Just Jeans, and Hallensteins to name a few.
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 Thursday 13 March, unless sold prior.
Constructed mainly in 2011/12, the building retains elements of the historic Roach’s Building facade, blending modern design with heritage charm.
Its strong street presence is enhanced by nearly full height glazing along the primary road frontages, and it has an NBS rating of 100 per cent.
Inside, the property is well presented, with two spacious retail levels connected by escalators and lifts.
The space includes amenities such as offices, a lunchroom, and storage areas, all essential for retail operations. Farmers also leases nine on-site car parks, complemented by ample public parking on the adjacent streets and behind the property.
Blair says this is a purchasing opportunity that will pique the interest of a wide pool of buyers given its strategic location and strong tenant covenant.
“Farmers is one of the most renowned retail brands across New Zealand with a history dating back more than 100 years and they are firmly established in this prominent location,” Blair says.
“Their commitment to this site through a long-term lease means there is a steady rental stream from the property and their lease agreement also includes CPI rent reviews every three years.”
The population of the Hastings District grew by 5.4 per cent between 2018 and 2023 according to the latest Census data. It sits only 20-25 minutes from Napier city, Hawke’s Bay Airport, and the Napier Port.
Hastings provides the main post-primary industrial infrastructure to service the pastoral, horticultural, and viticulture sectors prevalent throughout the Hawke’s Bay region and big-name firms Heinz Wattie’s, McCain Foods, T&G Global, Silver Fern Farms and Lowe Corporation all have a presence in the area.
“Properties of this quality are rarely presented to the open market in Hawke’s Bay and similar buildings remain tightly held,” Blair says.
“This is one of the most impressive assets that will be available for purchase in the region this year.”
- Supplied by Colliers
