Highly visible Hastings property with future potential

A prominent office and industrial property on a corner site that includes a significant parcel of development land in Whakatu near Hastings is being presented to the market for sale.

96 Anderson Road, Whakatu is home to multiple buildings with a total floor area of 2,885sq m on a 12,490sq m site. There is approximately 1,700sq m of vacant land, which could be developed in the future.

Anchored by the offices of the country’s largest apple producer Mr Apple, who are owned by NZX-listed entity the Scales Corporation, the diverse tenancy mix offers a premium split-risk investment opportunity and provides a combined annual net rental income of $425,283 plus GST. The site also houses the only cafe in the area.

Whakatu is a satellite settlement located by State Highway 2, approximately 7km north-east of Hastings and 14km south of Napier.

Within the Whakatu locality there are a number of packhouses, heavy industrial activities, and fruit storage facilities, which are a key part of the Hastings District’s growing economy that saw a 3 per cent increase in GDP for the year to March 2023, according to data from Infometrics.

The subject property can be accessed from both Anderson Road and Station Road and boasts a remarkable profile with over 110m of frontage onto Anderson Road.

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 27 July, unless sold prior.

Blair says the main office building at the property spans 2,524sq m and was constructed in the 1960s.

“Since 2013, major refurbishment work began on the eastern half, and the western side was also upgraded. As part of the refurbishments in 2017, the eastern wing was extended to include a new entry and reception area,” Blair says.

“The building is internally partitioned offering a combination of both open plan and partitioned offices for a range of tenants with Mr Apple occupying 1,251sq m of space on a lease agreement that runs until November 2024 and includes three rights of renewal for five years each. They also have access to 60 on-site car parks.”

Sitting prominently on the site, the Whakatu Fire Station was originally built around 1970 and has since been repurposed into a bakery that features a commercial kitchen, as well as both indoor and outdoor dining areas.

The total floor area, including the covered entrance, spans 247sq m and the current occupants, trading as the Fire Station Cafe, began a six-year and three-month lease in March 2017 with two further rights of renewal for three years each.

The property also includes a former bowls clubrooms and this single-level building was originally constructed in the 1960s, but has since been repurposed into an office, storage, and workshop facility.

Thornhill Contracting, Fruition Horticulture, Par Communications, and The Drug Detection Agency Whakatu, Hawke’s Bay are among the office occupants at the property with lease agreements that all include further rights of renewal and future rent reviews.

There are two storage sheds measuring 30sq m and 20sq m, respectively, while a handful of industrial occupants have rolling monthly leases at the property.

Blair says on top of the steady rental stream provided by the split-risk tenancy mix, the future value of the property could be enhanced with a strategic development on the vacant land.

“Given the functionality of the site and the available space, the new owner of the property can further intensify its usage and unlock the true potential.

“With multiple entrances, the site is highly accessible for occupants and will lend itself to a wide variety of uses.”

Countdown Orewa - The ultimate passive investment

Featuring an ASX and NZX-listed tenant covenant on a new long-term lease, Countdown Orewa really is the perfect bottom drawer, passive investment.

Details on page 10

Countdown Orewa

3 Moenui Avenue, Orewa, Auckland

For Sale by Deadline Private Treaty closing Wed 2 August 2023 at 4pm (unless sold prior)

Returning $1,241,392 pa net + GST

10 Year Lease from April 2021 + ROR’s

Shoneet Chand 021 400 765 colliers.co.nz/p-nzl67024385

9,380m² Total Land Area

Matt Prentice 021 464 904

ASX & NZX Listed Tenant Covenant

Town Centre Zoned Land Extensively refurbished in 2014

For Sale by Deadline Private Treaty closing Thu 20 July 2023 at 4pm (unless sold prior)

Lettable area 5,051m² (est)

Peter Herdson

021654323

6,293m² freehold land Rental $961,032.80 colliers.co.nz/p-NZL67024347

100% NBS

Rachel Emerson 021 502 877

220+ carparks

Corner profile Cameron Road

Diversified Investment With Upside

319 Neilson Street, Onehunga

For Sale by Deadline Private Treaty closing on

Wednesday, 19 July 2023 at 4pm (unless sold prior)

Boundary Lines Indicative Only

Ultimate Tradies Workshop

Unit 6, 59 Porana Road, Wairau Valley

Auction, 11am Thu, 27 July 2023 (unless sold prior)

Rental upside in the future

Split-risk with multiple options

5 individual titles on 3,525m² of land

151m² Unit + 4 Carparks Dual Roller Door Access Vacant Possession

Matt Prentice 021 464 904

Ben Cockram 021 245 5855

Matt Prentice 021 464 904 colliers.co.nz/p-nzl67024225

Unbeatable Industrial

Shoneet Chand 021 400 765 colliers.co.nz/p-nzl67024324

For Lease

Large Scale Industrial Facility

31 El Prado Drive, Kelvin Grove, Palmerston North, Manawatu / Wanganui Tender closing Wednesday 12 July 2023 at 4pm (will not be sold prior)

12 Newlands Road & 6 Hurring Place, Wellington

Blue chip tenants Net leases Buy one or buy both

Tim Julian 021 488 029

Kieran Lennon 021 137 1472

Richard Findlay 021 620 188

Hamish Templeton 029 127 0018 colliers.co.nz/p-nzl67023902

Approximate floor area of 27,358 m²

Phil Nevill 021 396 092

Seismic status of100% NBS

Potential to divide space into multiple tenancies

Doug Russell 027 222 8088

Grant Lloyd 021 433 144 colliers.co.nz/p-nzl67024325

54 Stonedon Drive, East Tāmaki, Auckland

For Sale by Deadline Private Treaty, offers closing 4pm, Wednesday, 19 July 2023 (unless sold prior)