Biggest in Waihi - and ready to go

The Mitre 10 Home and Trade Centre has three road frontages along one of the Bay of Plenty's main arterial routes. Photo / Supplied

Waihi's largest commercial building and one of its newest, the Mitre 10 Home and Trade Centre fronting State Highway 2, is up for sale for the first time since the property was developed for the national retailer in 2005.

Kevin Wehipeihana, of Bayleys Tauranga office, says the 4097sq m Mitre 10 store has been trading well in its new location, directly opposite the site where the business was previously located.

The property encompasses 1.1497ha of land, with Mitre 10 taking the majority. Another building is at the rear of the property, with three light industrial tenancies, and is included in the sale.

Mitre 10 (NZ) has a new nine-year lease from July 1, with three six-year rights of renewal, and the industrial tenancies range from one to five years.

The property is producing total net annual rental income of $340,708 and is for sale by deadline private treaty, with offers closing next Wednesday, July 21.

Wehipeihana says that not only is the Mitre 10 centre Waihi's largest single ground-level bulk retail building but the store is extremely high profile, with three road frontages along one of the Bay of Plenty's main arterial routes.

"Every car that goes to Whangamata goes past this building."

It has substantial exposure to State Highway 2, which is also Seddon Rd, from which the main retail entrance and customer car parking is accessed, while the Kenny St access is used by trade and contracting customers.

The Mitre 10 building is split into several areas including the main retail space, inward goods, drive-through covered yard, outdoor garden centre and mezzanine office and amenities. With the three workshops having a total floor area of 1001sq m, the property provides a total of 5098sq m of lettable space. The workshop tenants are local businesses Spargo Automotive, Safe & Sound Security and Cam Designs.

The site has parking for 55 cars in a sealed area. Surrounding properties include KFC, a Mobil service station and various retail shops, including the New World supermarket.

The Waihi Mitre 10 Home & Trade business is owned by interests associated with the Bold family who also own and operate the Mega Mitre 10 store in Tauranga and Katikati's Mitre 10 outlet. The Waihi building is sub-leased off Mitre 10 (NZ). More than 100 stores now operate under the Mitre 10 banner.

Wehipeihana says one side effect of the recession has been a lack of good investment property for sale, and the Waihi Mitre 10 centre is a rare opportunity for investors to buy a prime freehold bulk retail store in a growing region with a blue-chip national tenant providing the bulk of the income.

"Most good investment property in the Bay of Plenty has been tightly held, especially in this climate of low bank interest rates, so this property is being positively viewed by investors."