48-54 Thames Street, Oamaru

View Online www.colliers.co.nz/p-NZL67018808

For Sale

48-54 Thames Street, Oamaru For Sale by

A prime multi-tenanted office/retail investment

Deadline Private Treaty

opportunity located in a profile position on Thames Street, Oamaru

closing 4pm Tuesday 31 May 2022 (unless sold prior)

Land Area

779m² (more or less)

Annual net rental of $207,750pa (approx) plus GST

Multi-tenanted office & retail investment opportunity

Total lettable area 1,921.87m² (approx)

Colliers

48-54 Thames Street | For Sale

Contents Otago Realty (NZ) Limited t/a Colliers, licensed under the REAA 2008, has been appointed to market for sale 48-54 Thames Street, Oamaru.

Introduction

2

Property Highlights

3

The Property

4

Tenancy Schedule

5

The Location

8

Zoning

10

Private Treaty closing Tuesday 31 May 2022 at 4pm

Photo Gallery

12

(unless sold prior).

Certificate of Title

14

Further information can be obtained by registering

Sales Process

15

Dataroom

16

This freehold offering is offered for sale by Deadline

your interest with the agent below.

Please note; from 1 July 2018, lawyers and conveyancers are required to verify the identity of their clients in accordance with anti-money laundering legislation which may add time delays to set up if this has not been done previously. Colliers recommend you seek legal advise regarding this and allow adequate time. Please visit the following link for more information https://reinz.co.nz/Media/Default/Newsletter%20 Images/2018%20-%20July/AML_warning_flyer_ July_2108_v2.pdf

For information around the purchasing process and other property related queries please visit www.settled.govt.nz Viewings of the property are by appointment only.

Contact

TYLER DICKISON

BROKER Commercial/Industrial Sales & Leasing 027 222 1628 tyler.dickison@colliers.com

DEAN COLLINS

DIRECTOR Commercial/Industrial Sales & Leasing 027 499 0974 dean.collins@colliers.com

48-54 Thames Street, Oamaru | Information Memorandum

48-54 Thames Street | For Sale

Property Highlights 48-54 Thames Street represents an opportunity to purchase a freehold multi-tenanted office and retail investment property currently comprising of four tenancies in a profile corner position on Thames Street, Oamaru.

The property is located in an excellent corner position with main access from Thames Street and rear access from

Total site area of 779m² (more or less)

Medway Street. The property is situated in the heart of the Oamaru CBD near many other well-known and established businesses and organisations including: Farmers, Countdown, ANZ, The Oamaru Hospital, BNZ, Westpac and the Waitaki

Zoned Business 1

District Council.

48-54 Thames Street has four current commercial tenants.

St Johns and National Decorators both occupy parts of the

Freehold tenure

ground floor each, Trust Power (until 31-10-2022) occupy the first floor, and Pulse Research occupy the second floor.

There is also a basement providing various storage spaces and car parking (a mixture of leased and vacant, refer to Tenancy Schedule on page 6).

The site consists of one freehold title with a land area of 779m² (more or less).

Current net rental of $207,750pa plus GST (approx) NBS assessed at 80% (IEP)

The property boasts three street frontages, being (all approximate) as follows; Thames Street (25.65m), Steward Street (30.53m) and Medway Street (25.65m).

The property has a total lettable floor area of approx 1,921.87m² (refer pages 5 and 6).

DISCLAIMER: This Information Memorandum has been prepared solely for information purposes in order to assist interested parties in making an initial evaluation of the property and does not constitute advice nor purport to contain all of the information that a prospective tenant/purchaser may require. In all cases interested parties must conduct their own investigation and analysis of the properties and the data set out in this Information Memorandum to satisfy themselves in all respects and not rely on the information in this Information Memorandum to make their purchasing decision. This Information Memorandum has been prepared in good faith and with due care by Colliers, but neither Colliers nor the Vendor/Landlord accept responsibility hereunder for the accuracy of any part of the information contained in this Information Memorandum. Therefore the recipient/s of this Information Memorandum to the extent that they rely on the information contained herein do so entirely at their own risk. The Vendor and Otago Realty (NZ) Limited t/a Colliers (and its brokers) expressly disclaim all liability for representations, express or implied, contained in, or for omissions from, this Information Memorandum or any other written or oral communication given to any prospective tenant/purchaser in the course of their evaluation and/or offer. This Information Memorandum does not constitute an offer for sale or purchase or otherwise.

Please note; the floor plan and/or measurements and/or floor areas provided for the subject properties are based on the information provided by the Vendor and/or other third parties. Colliers take no responsibility for the accuracy of the supplied floor area and/or measurements provided and recommend that if this is of concern/relevance to an interested party that they make their own independent investigations into such matters.

Please note, the attached document in relation to the Earthquake assessment of the subject building is an IEP (Initial Evaluation Procedure). We advise that a Detailed Engineering Evaluation (DEE) has not been provided for the building and we would note that grading for seismic risk can vary from an IEP (Initial Evaluation Procedure) to a DEE. A DEE is a more detailed document and analysis.

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Colliers

48-54 Thames Street | For Sale

The Property Address: Tenure: Legal Description: Land Area: Certificate of Title: Zoning: Rateable Value: Land Value: Improvements Value: WDC Rates: ORC Rates:

48-54 Thames Street, Oamaru Freehold Part Lot 1 Deposited Plan 6894 and Lot 1 Deposited Plan 523366 779m² (more or less) 184607 Business 1 $2,640,000 (as at 1-Jul-2019) $270,000 $2,370,000 $13,184.23 plus GST $588.92 plus GST

The “annual rates” shown on this page are for rates levied for the period 1 July 2021 to 30 June 2022.

Please note, outgoings information has been provided by the vendor and/or other third parties, and is not necessarily an exhaustive list of all outgoings associated with ownership of the property, it is recommended any purchaser seek their own independent advice in relation to outgoings likely to apply with regard to ownership of the subject property (and any other outgoings that may apply outside those provided), and rely solely upon their own information for making their purchasing decision.

Please note, no geotechnical, contamination, asbestos, HAIL or fire reports or asbestos management plan have been provided to us and it is recommended any interested parties seek their own independent legal/technical advice regarding these or any other matters relevant to them for the purposes of a purchase of the subject property, and not rely on any of the information provided to make their purchasing decision.

Please note; the floor plan and/or measurements and/or floor areas provided for the subject properties are based on the information provided by the Vendor and/or other third parties. Colliers take no responsibility for the accuracy of the supplied floor area and/or measurements provided and recommend that if this is of concern/relevance to an interested party that they make their own independent investigations into such matters.

Please note, outgoings information has been provided by the vendor and/or other third parties, and is not necessarily an exhaustive list of all outgoings associated with ownership of the property, it is recommended any purchaser seek their own independent advice in relation to outgoings likely to apply with regard to ownership of the subject property (and any other outgoings that may apply outside those provided), and rely solely upon their own information for making their purchasing decision. The figures are an estimate only and are subject to change. Colliers are acting only as a conduit to any information passed on and cannot be held liable for the accuracy of the information or claims made.

48-54 Thames Street, Oamaru | Information Memorandum

Tenancy Schedule

Tenant

Rental (pa plus GST)

Commencement date of current term

Current Term

Rights of Renewal

Next Renewal Date

Final Expiry

Rent Reviews

St Johns

$65,000

22-Sep-2019

3 years

2x3

22-Sep-2022

21-Sep-2028

2 yearly market

National Decorators Limited

$21,515

1-Feb-2018

5 years

1x3

01-Feb-2023

31-Jan-2026

3 yearly market

Trust Power Limited

$108,130

1-Nov-2017

5 years

1x5

Not renewing

31-Oct-2022

N/A

Pulse Research Limited

$21,835

1-Sep-2021

1 year

2x2

1-Sep-2022

31-Aug-2026

Market on renewal

Total current income

$216,480pa plus GST (approx)

Less unrecovered outgoings

($8,730)pa plus GST (refer page 7)

Total current net rental

$207,750pa plus GST

Notes: All figures current as at 28 April 2022. All figures herein are in NZD, GST exclusive and are approximate only.

Please note, the tenancy/rental figures shown above have been provided by the vendor and/or other third parties, and Colliers take no responsibility as to these figures being the actual income/rental paid by the tenant(s)/received by the owner nor do Colliers take any responsibility for the financial performance of the tenant(s) and recommend any purchaser makes their own independent investigations into such matters and relies solely upon their own information and judgement for making their purchasing decision.

Please note, outgoings information has been provided by the vendor and/or other third parties, and is not necessarily an exhaustive list of all outgoings associated with ownership of the property, it is recommended any purchaser seek their own independent advice in relation to outgoings likely to apply with regard to ownership of the subject property (and any other outgoings that may apply outside those provided), and rely solely upon their own information for making their purchasing decision. The figures are an estimate only and are subject to change. Colliers are acting only as a conduit to any information passed on and cannot be held liable for the accuracy of the information or claims made.

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Colliers

Floor Area and Rental Breakdown

Tenant

St Johns

National Decorators Limited

Spaces

Area (approx.)

OPEX

Rental (pa plus GST)

Part Ground Floor

390m²

20.21%

$65,000

1 car park Part Ground Floor

Pulse Research Limited

Vacant

Common

188.82m²

10.17%

2 car parks Level 1

Trust Power Limited

Included in lease $19,435 $1,040 each 735m²

38.09%

2 car parks

$99,225 $1,040 each

Basement B.07

87.5m²

4.53%

$6,825

Level 2

189.87m²

9.84%

$21,835

2 car parks

Included in lease

Basement B.03

20.91m²

1.08%

Basement B.08

60.88m²

3.17%

Basement B.10

183.89m²

9.53%

Basement B.04, B.05, B.06

65m² (combined)

3.38%

Total

1,921.87m²

$216,480pa plus GST

Notes: - All figures herein are in NZD, GST exclusive and are approximate only.

Please note, the tenancy/rental figures shown above have been provided by the vendor and/or other third parties, and Colliers take no responsibility as to these figures being the actual income/rental paid by the tenant(s)/received by the owner nor do Colliers take any responsibility for the financial performance of the tenant(s) and recommend any purchaser makes their own independent investigations into such matters and relies solely upon their own information and judgement for making their purchasing decision.

Please note, outgoings information has been provided by the vendor and/or other third parties, and is not necessarily an exhaustive list of all outgoings associated with ownership of the property, it is recommended any purchaser seek their own independent advice in relation to outgoings likely to apply with regard to ownership of the subject property (and any other outgoings that may apply outside those provided), and rely solely upon their own information for making their purchasing decision. The figures are an estimate only and are subject to change. Colliers are acting only as a conduit to any information passed on and cannot be held liable for the accuracy of the information or claims made.

48-54 Thames Street, Oamaru | Information Memorandum

Outgoings Schedule

48-54 Thames Street, Oamaru Annual Operating Costs Budget 2023 (all figures are approximate) excludes GST

Rates Waitaki District Council Water Rates Est Insurance Building Warrant of Fitness ADT Fire Monitoring & IQP fire alarm Air-conditioning Maintenance Maintenance, common area (cleaner weekly new) Lift Maintenance

$14,108 $1,000 $26,005 $65 $1,289 $1,700 $4,000 $3,121

Total

$51,288

Total Recovered Total Unrecovered

$45,558 ($8,730)

Please note, some individual items in this schedule are charged on a percentage basis that differs from that as set out in the lease documentation (e.g lift maintenance for the Level 1 & 2 tenancies) etc.

For full information please refer to the full outgoings schedule available in the dataroom.

Please note, outgoings information has been provided by the vendor and/or other third parties, and is not necessarily an exhaustive list of all outgoings associated with ownership of the property, it is recommended any purchaser seek their own independent advice in relation to outgoings likely to apply with regard to ownership of the subject property (and any other outgoings that may apply outside those provided), and rely solely upon their own information for making their purchasing decision. The figures are an estimate only and are subject to change. Colliers are acting only as a conduit to any information passed on and cannot be held liable for the accuracy of the information or claims made.

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Colliers

48-54 Thames Street | For Sale

The Location Countdown

Oamaru Opera House

Oamaru Hospital

BNZ Bank

Farmers Subject Site 48-54 Thames Street Placemakers

Waitaki District Council

ANZ Bank

Boundary lines/locations shown are indicative only

Oamaru is the largest town of the Waitaki District.

With one of the country’s oldest public gardens, renowned Victorian architecture, penguin colony, a rich heritage, award-winning dining, craft breweries close to the harbour, numerous golf courses, walking and cycling trails and a whole lot more...there are endless opportunities to experience the best of Oamaru.

The property sits in a prime Main Street position within Oamaru’s CBD, situated on Thames Street on State Highway 1, and surrounded by a number of well recognised businesses and organisations including, Farmers, BNZ Bank, Countdown, Waitaki District Council, ANZ, Oamaru Hospital and many more.

48-54 Thames Street, Oamaru | Information Memorandum

Source: Property Guru – Boundary line and measurements are indicative & approximate only.

Subject Site 48-54 Thames Street

Source: Property Guru – Boundary line and measurements are indicative & approximate only.

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Colliers

District Plan Zoning The property is zoned Business 1, under the Waitaki District Council District Plan.

All information has been sourced from the Waitaki District Council District Plan. It is recommended interested parties to qualify and elaborate all relevant planning information noted. Please visit the website (www.waitaki.govt.nz) or contact the Waitaki District Council for further information relating to the development controls and planning restrictions relevant to this location.

Zoning Business 1 Zone The subject property sits within the Business 1 zone. Further information is available via the dataroom.

Colliers International recommend any interested parties seek their own independent advice regarding this and any other matters relevant to the purchaser for the purposes of a purchase of the subject property.

Colliers recommend any interested parties seek their own independent advice regarding this and any other matters relevant to the purchaser for the purposes of a purchase of the subject property.

48-54 Thames Street, Oamaru | Information Memorandum

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Colliers

120Thames Bond Street | For Sale 48-54 Street | For Sale

Photo Gallery

48-54 Thames Street, Oamaru | Information Memorandum

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Colliers

Certificate of Title

(full copies of Certificates of Title available via the dataroom)

Please note: It is recommended that any interested parties seek their own independent legal/technical advice regarding the titles, any registered interests and any other matters relevant to the purchaser prior to making an offer to purchase the subject property.

48-54 Thames Street, Oamaru | Information Memorandum

Sales Process Deadline Private Treaty (unless sold prior)

Deadline Private Treaty (unless sold prior) is a method of buying a property through a process of private and confidential offers made by a deadline.

Summary of important things to know •

If a property is being sold by deadline sale, the seller sets a date and buyers can make an offer at any time before that date. The seller may indicate a price, and buyers can offer more or less than that price and see if the seller is open to negotiation.

•

Buyers can attach conditions to their offer such as an offer expiry date, making the offer subject to a property inspection report, a valuation or approved finance or selling another property.

•

Sellers can also attach terms and conditions to the sale, for example, the settlement date and which chattels will be included.

•

A deposit is paid either on acceptance of the agreement by the seller or on the agreement becoming unconditional (depending on the terms of the offer).

•

The remainder of the purchase price is due on settlement day (when the property is scheduled to change ownership). Check the settlement date and make sure you have all your finances and other arrangements in place before then.

•

If there is more than one offer, the sale may become a multi-offer process.

Source: www.settled.govt.nz

Please note: •

The property is being marketed for sale by Deadline Private Treaty (unless sold prior) and the Vendor reserves the right to sell the property, or withdraw the property from the market, prior to the deadline date.

•

There may be more than one respective purchaser interested in purchasing the property and/or more offers may be received

•

The Vendor has the right to accept or reject any offer and has the right to counter offer and/or negotiate with one (or more) prospective purchaser(s) to the exclusion of other purchasers

•

The terms and conditions of your offer will remain confidential to you and the salesperson drafting the written agreement

•

It is advised that prior to signing a Sale & Purchase Agreement for the subject property you seek further legal advice or seek further advice from the Real Estate Authority www.rea.govt.nz and that you take adequate time to consider the contents of the agreement

•

If your offer is accepted you are legally bound by the terms and conditions of the sale and purchase agreement document.

Registering your interest If you are interested in submitting an offer for the property, please formally register your interest with one of the brokers below:

DEAN COLLINS DIRECTOR

TYLER DICKISON BROKER

027 499 0974 dean.collins@colliers.com

027 222 1628 tyler.dickison@colliers.com

Commercial/Industrial Sales & Leasing

Commercial/Industrial Sales & Leasing

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Colliers

48-54 Thames Street | For Sale

Dataroom This freehold offering is offered for sale by Deadline Private Treaty closing Tuesday the 31st of May 2022 at 4pm (unless sold prior). Inspections of the property are by appointment only.

Due Diligence and Secure Documents Comprehensive due diligence material is contained in a secure electronic data room managed by Colliers and is available upon request.

•

Information Memorandum

•

Zone Rules (District Plan) – with Legends and Maps

•

Certificates of Title and Interests

•

Lease Documentation

•

Floor Plans

•

BWOF

•

Earthquake Assessments (IEP’s) x2 (front and rear building)

•

Asbestos Management Plan

•

OPEX Schedule

•

Tenancy Schedule

Please note, no geotechnical, contamination, asbestos, HAIL or fire reports or asbestos management plan have been provided to us and it is recommended any interested parties seek their own independent legal/technical advice regarding these or any other matters relevant to them for the purposes of a purchase of the subject property, and not rely on any of the information provided to make their purchasing decision.

Please note, the appended documents and information supplied by Colliers are sourced or provided by the vendor and other third parties. Colliers are acting only as a conduit for this information and cannot be held liable for the accuracy of the information or claims made within. Colliers recommend all parties complete their own due diligence investigation and seek their own independent advice regarding all information supplied and any other matters relevant to the purchaser for the purposes of a purchase of the subject property, and not rely on the information provided to make their purchasing decision. This information for conduit has been provided in good faith by Colliers, and neither Colliers nor the Vendor accept responsibility hereunder for the accuracy of any part of the information made available in this information. Therefore, the recipient/s of this information to the extent that they rely on the information made available do so entirely at their own risk. The Vendor and Colliers (and its brokers) expressly disclaim all liability for representations, express or implied, contained in, or for omissions from, this schedule or any other written or oral communication given to any prospective purchaser in the course of their evaluation and/or offer.

Please note, the attached document in relation to the Earthquake assessment of the subject building is an IEP (Initial Evaluation Procedure). We advise that a Detailed Engineering Evaluation (DEE) has not been provided for the building and we would note that grading for seismic risk can vary from an IEP (Initial Evaluation Procedure) to a DEE. A DEE is a more detailed document and analysis.

View Online www.colliers.co.nz/p-NZL67018808

Contact Tyler Dickison

BROKER Commercial/Industrial Sales & Leasing 027 222 1628 tyler.dickison@colliers.com

Contact Dean Collins

DIRECTOR Commercial/Industrial Sales & Leasing 027 499 0974 dean.collins@colliers.com

Timeline For Sale by Deadline Private Treaty closing Tuesday the 31st of May 2022 at 4pm (unless sold prior).

Otago Realty (NZ) Limited Level 4, ASB House, 248 Cumberland Street, Dunedin PO Box 5744, Dunedin 9058 Ph: +64 3 474 0571 Licensed under the REAA 2008

Disclaimer The opinions, estimates and information given herein or otherwise in relation hereto are made by Colliers and affiliated companies in their best judgement, in good faith and as far as possible based on data or sources which are believed to be reliable. The material contained herein is not intended to substitute for obtaining individual advice from Colliers or another advisor able to provide the services of a qualified professional person. Colliers, its officers, employees and agents expressly disclaim any liability and responsibility to any person whether a reader of this publication or not in respect of anything and of the consequences of anything done or omitted to be done by any such person in reliance whether wholly or partially upon the whole or any part of the contents of this publication.

COPYRIGHT Colliers. All rights reserved. No part of this work may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying, recording, recording taping, or information retrieval systems) without the written permission of Colliers.