Fully-tenanted retail heaven in Whangarei

The property has strata titles and plenty of parking. Photo / Supplied

Fully-tenanted by well-known New Zealand retailers, a modern, bulk retail investment property in Whangarei is for sale by tender with Bayleys closing on September 24.

"It is believed to be the first bulk-retail development in Whangarei to come back to the market as a fully-tenanted investment," says Chris Bayley, who is marketing the property in conjunction with Mike Adams of Bayleys Auckland and David Beattie of Bayleys Whangarei.

"As such, this three unit complex offers an investor the opportunity to secure a foothold in a growing sector of the Whangarei retail environment," Bayley says.

The 2950sq m retail complex is on a large 5814sq m freehold site at the southern entrance to Whangarei with easy access and high visibility from State Highway 1 just 200m west of the property. The site has a prominent road frontage to Gumdigger Place and a secondary road frontage to Rewa Rewa Rd.

The bulk retail complex was purpose-built in 2005 of durable, low-maintenance materials and comprises three modern adjoining units and 67 car parks.

The 960sq m Unit 1 has been split into two tenancies occupied by Xtra Flooring and Para Rubber. Unit 2 is the largest of the three units at 1010sq m and is occupied by Kitchen Things/Spaziocasa, while the 980sq m Unit 3 is tenanted by Beds R Us.

The total net rental for the properties is $384,920 a year plus GST with lease expiry dates of between 2010 and 2013.

"In a city where retail business in general is fairly spread out geographically, this property sits within an evolving bulk retail location where a good cluster of high-profile brands - including Harvey Norman and Bunnings Warehouse - have chosen to base their operations," says Bayley.

"Each of the three units has been strata-titled, providing investors with the potential to sell down separately in the future.

"We would expect astute investors to show an interest in this property, given the growth location in the largest urban centre north of Auckland, the spread of risk across multiple tenancies with long term leases and the strata-titling giving options for the future," Bayley says.

Each unit features customised tenant fit-out in keeping with their individual operations. For example, Kitchen Things has two partially-curved lowered gib ceilings with halogen lighting and feature flooring, while Flooring Xtra has an office at the front and rear amenities.

Each unit is air-conditioned by a roof mounted plant.