85 Liddel Street and 68 Tweed Street, Invercargill For Sale Deadline Private Treaty closing 4pm Thursday 8 December 2022 (unless sold prior) For Sale by View Online www.colliersotago.co.nz/67021362
Contents 85 Liddel Street and 68 Tweed Street | For Sale RORY O’DONNELL 027 445 3982 rory.odonnell@colliers.com TYLER DICKISON 027 222 1628 tyler.dickison@colliers.com Colliers has been appointed exclusively to market for sale 85 Liddel and 68 Tweed Streets, Invercargill. This freehold property is offered for sale by Deadline Private Treaty closing Thursday 8 December 2022 at 4pm (unless sold prior). Further information can be obtained by registering your interest with the agent below. 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 Introduction 2 Property Highlights 3 The Property 4 Tenancy Schedule 5 The Location 6 Planning Information 8 Photos 10 Certificate of Title 12 Sales Process 16 Dataroom 17 MARK SIMPSON 027 490 6394 mark.simpson@colliers.com Colliers
Property Highlights
85 Liddel and 68 Tweed Streets represent an opportunity to purchase a freehold industrial investment property located in a corner profile position in Invercargill, leased to Fletcher Distribution Limited t/a Placemakers.
The property is located in an excellent position with frontages to both Liddel and Tweed Streets in close proximity to the Invercargill CBD. The property is situated near many other well-known and established businesses including Micos, Halls, BNT, Kmart, Mainfreight, Vulcan Steel, Southern Transport, Steel & Tube, VTNZ, Toll Group, and many more.
The property is leased to Fletcher Distribution Limited (t/a Placemakers), providing a total annual rental of $538,275pa plus GST and outgoings. See page 5 for full lease breakdown.
The property is leased on a current term of 9 years from 19 October 2017. The current term is due for renewal on 18 October 2026 for a further term of 6 years with 3 futher rights of renewal of 6 years each.
The site consists of two freehold titles with a combined land area of 10,280m² (more or less).
The combined street frontage accross both streets is approximately 221.03m, consisting of Liddel Street (120.71m) and Tweed Street (100.32m). All measurements are approximate.
Total site area of 10,280m² (more or less)
Zoned Industrial 2 Freehold tenure
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.
Current net rental of $538,275pa plus GST and outgoings
85 Liddel Street and 68 Tweed Street, Invercargill | Information Memorandum 3
NBS 96% (IEPavailable in the dataroom)
The Property
Address: Tenure: Legal Description: Land Area: Certificate of Title: Zoning: Rateable Value: Land Value: Improvements Value: ICC Rates: ES Rates:
68 Tweed Street, Invercargill Freehold Lot 2 Deposited Plan 13475 1,530m² (more or less) 454115 Industrial 2 $170,000 (as at 1-Sep-2020) $170,000 $1,572.53 plus GST $230.36 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.
85 Liddel Street, Invercargill Freehold Lot 2 Deposited Plan 383638 8,750m² (more or less) 333904 Industrial 2 $6,350,000 (as at 1-Sep-2020) $1,070,000 $5,280,000 $28,157.50 plus GST $2,237.50 plus GST Please note, no, geotechnical, contamination, HAIL or fire reports 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.
Address: Tenure: Legal Description: Land Area: Certificate of Title: Zoning: Rateable Value: Land Value: ICC Rates: ES Rates: Colliers4
The Tenant
PlaceMakers is the trading name of Fletcher Distribution Limited, the retail trading arm of Fletcher Building Limited in New Zealand.
PlaceMakers is New Zealand’s leading and largest supplier of building materials and hardware. They employ over 2,100 people and assist over 300,000 customers.
They have 62 stores, from Kaitaia to Invercargill with over 74,000 product lines from concrete to paint and plasterboard, they also manufacture frames and trusses from 8 manufacturing plants nationwide.
See: www.placemakers.co.nz
Tenancy Schedule
Tenant
1.5% increases until renewal. Market on renewal and every 3 years thereafter Total Contract Rental $538,274.64pa plus GST plus outgoings
Fletcher Distribution Limited $538,274.64 19-Oct-2017 9 years 4 x 6 19-Oct-2026 18-Oct-2050
Notes:
- All figures herein are in NZD, GST exclusive and are approximate only.
- Fully leased income as at 21 October 2022.
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.
Rental pa plus GST Commencement date of current term Current Term Rights of Renewal Next Renewal Date Final Expiry Rent Reviews
Description Lettable Area (approx)
Lettable Area Breakdown 85 Liddel Street and 68 Tweed Street, Invercargill | Information Memorandum 5
Trade Warehouse 1,401m2 Office and Ammenities - Ground 157m2 Stores - Ground 136m2 Office and Ammenities - Level 1 293m2 Drive through Warehouse 2,044m2 Canopies 170m2 Total GLA 4,201m2 Surplus Yard 2,380m2 Open Carparks 79
The Location
Invercargill (Waihōpai) is the regional capital and commercial hub of Southland. Founded in the 1850’s, it is New Zealand’s southernmost city - and one of the southernmost cities in the world. Numerous heritage buildings give the city a charming old-world quality, while the magnificent Queens Park impresses with its sprawling 80 hectares of beautifully kept gardens, wildlife habitats, playgrounds and sports areas.
Source: southlandnz.com
Steel & Tube Boundary lines/locations shown are indicative only
Subject Site 85 Liddel Street and 68 Tweed Street The Warehouse Laser Electrical NZ Couriers Southern Transport Vulcan Steel VTNZ Mainfreight Toll Group Diamond Roofing
profile main arterial corner position
to
Invercargill Airport,
is surrounded by complimentary trade retail and industrial businesses.
area
industrial
The property is located on a high
en-route
the
and
This
is considered a prime
location.
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Source: Property Guru – Boundary line and measurements are indicative & approximate only.
Subject Site
85 Liddel Street and 68 Tweed Street
Source: Property Guru – Boundary line and measurements are indicative & approximate only.
Invercargill Central is completing a $165 million dollar retail development with the CBD city block project to include 675 car parks, food and beverage zones, and retail outlets. Anchor retail tenant Farmers department store and a number of other high street retailers are now open creating a modern retail mix.
Source: stuff.co.nz
The Invercargill City territorial authority has a population of 57,000 as of June 2021. This comprises 49,900 people in the Invercargill urban area, 1,840 people in the Bluff urban area, and 5,260 people in the surrounding settlements and rural area.
Source: wikipedia.org
85 Liddel Street and
Street, Invercargill | Information Memorandum 7
68 Tweed
District Plan Zoning
The property is zoned Industrial 2 under the Invercargill City Council District Plan 2019.
As of 30 August 2019, all rules in the Invercargill City District Plan 2019 were made operative. All provisions of the District Plan 2005 have now been superseded by the 2019 District Plan. Please visit the Invercargill City Council website (www.icc.govt.nz) or contact the Invercargill City Council on (03) 211 1777 for further information relating to the District Plan.
The map on page 9 shows the Invercargill City District Plan 2019 Planning Information and the map on page 10 shows the Hazard Information.
All information has been sourced from the Invercargill City Council District Plan. It is recommended interested parties to qualify and elaborate all relevant planning information noted. Please visit the website (www.icc.govt.nz) or contact the Invercargill City Council for further information relating to the development controls and planning restrictions relevant to this location.
Zoning
Industrial 2 Zone
The subject property sits within the Industrial 2 zone under the Invercargill City Council Operative District Plan.
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.
73 75 LONGFORD RD AO
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Photo Gallery
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120 Bond Street | For Sale
85 Liddel Street and 68 Tweed Street, Invercargill | Information Memorandum 11
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.
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Identifier 333904 Register Only Guaranteed Search Copy Dated 18/10/22 12:18
Page of 2 2 Transaction ID 58926 Client Reference jkennewell001 85 Liddel Street and 68 Tweed Street, Invercargill | Information Memorandum 13
Certificate of Title 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.
pm,
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.
Colliers14
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.
Identifier 454115 Register Only Guaranteed Search Copy Dated 18/10/22 12:17 pm, Page of 2 2 Transaction ID 58915 Client Reference jkennewell001 85 Liddel Street and 68 Tweed Street, Invercargill | Information Memorandum 15
Sales Process
Deadline Private Treaty closing 4pm 8 December 2022 (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.
Please note:
Source: www.settled.govt.nz
• 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:
MARK SIMPSON
DIRECTOR
Commercial/Industrial Sales & Leasing 027 490 6394 mark.simpson@colliers.com
RORY O’DONNELL
BROKER
Commercial/Industrial Sales & Leasing 027 445 3982 rory.odonnell@colliers.com
TYLER DICKISON
BROKER
Commercial/Industrial Sales & Leasing 027 222 1628 tyler.dickison@colliers.com
Colliers16
Dataroom
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.
This freehold offering is offered for sale by Deadline Private Treaty closing Thursday the 8th of December 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 • Asbestos Management Report • Certificates of Title and Interests • Lease Documentation • Earthquake Assessments (IEP’s) • LIM Reports • Sale and Purchase Agreement Please note, no geotechnical, contamination, HAIL or fire reports 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
17 1785 Liddel Street and 68 Tweed Street, Invercargill | Information Memorandum
Otago Realty (NZ) Limited Level 4, ASB House, 248 Cumberland Street, Dunedin PO Box 5744, Dunedin 9058 Ph: +64 3 474 0571 For Sale by Deadline Private Treaty closing Thursday the 8th of December 2022 at 4pm (unless sold prior). Timeline 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. Mark Simpson Commercial/Industrial Sales & Leasing 027 490 6394 mark.simpson@colliers.com Contact Licensed under the REAA 2008 View Online www.colliersotago.co.nz/67021362 Tyler Dickison Commercial/Industrial Sales & Leasing 027 222 1628 tyler.dickison@colliers.com Rory O’Donnell Commercial/Industrial Sales & Leasing 027 445 3982 rory.odonnell@colliers.com
