The Sun
Wednesday September 21, 2011
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Mega sale
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Mitre 10 property sale biggest in two years Blenheim’s Mitre 10 Mega store, one of the largest bulk retail properties in the South Island, has sold for an undisclosed sum. The 10,000-square-metre department store sold this month after being on the market since last year. It has been bought by a North Island-based property investor who does not wish to be named - with several other large real estate landholding assets across the South Island. The investor and the property’s salespeople, from Bayleys Nelson-Marlborough, say the sale price is confidential, but a market valuation done last year valued the property at about $13 million. That was based on a rental income of $1.08m and a rental
yield of about eight per cent. Bayleys Nelson-Marlborough director Graeme Vining says, while the sale price cannot be revealed, it is the biggest sale of commercial real estate in Blenheim in the past two years. “This sale is fantastic news for commercial business in Blenheim and it shows that there is a strong underlying confidence in the commercial business sector,” he says. Mr Vining says, because of the magnitude of the sale, the negotiation process took quite some time to conclude. The vendors were father and son building trade entrepreneurs Graeme and David Hawtin, of Blenheim. Bayleys Nelson-Marlborough salesperson Grant Baxter told The
Russia ‘at home’ From Page 1. “Prior to them coming, we had pretty tight security but these guys really got out among the crowd, and Marlborough responded,” he says. “They’re not superstars. Superstars probably wouldn’t do what these guys did.” Mr Sowman says hosting the Russians was very worthwhile as it gave the region a chance to feel a part of arguably the biggest tournament to be held in New Zealand. “Not having a game here, I think this was the next best thing,” he says. “If we didn’t have a team staying here, we’d probably have felt some distance from it.” Chateau Marlborough general manager Lynley McKinnon says it was a pleasure hosting the Russian team. “It was a wonderful experience for us. “We’ll never get a World Cup team stay here again, and it was really good for the town too.” The Russian team left for Nelson on Monday ahead of its second match of the tournament against Italy, due to be played last night. It went down bravely to USA 6-13 in its first ever World Cup match, in New Plymouth, on Thursday. Russian management was unavailable to speak to The Sun yesterday and on Monday.
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Big is good: The Mitre 10 Mega property on Alabama Rd has sold for an undisclosed sum.
Sun the reason behind the move was David’s decision to move to Sydney with his wife Lianne to pursue other business interests. Graeme and wife Shirley will continue to own and manage the business. The Mitre 10 Mega store includes 4698 square metres of retail and café space, a 3130-squaremetre drive-through timber and hardware depot, an inwards goods delivery yard, a garden centre, and 498 square metres of mezzanine and ground floor office space. The building sits on 1.86 hectares of land and has more than 200 parking spaces. The store was runner-up in the 2011 Mega Trade Store of the Year.
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