28-32 Centennial Ave & 21 Shannon St, Alexandra – Information Memorandum

28-32 Centennial Avenue & 21 Shannon Street | Alexandra Information Memorandum For Sale by Deadline Private Treaty closing 12 August 2021 at 4pm NZST (unless sold prior)

LOCATION INDICATIVE ONLY

Accelerating success.

Introduction 28-32 Centennial Avenue & 21 Shannon Street Alexandra – Mitre 10

Colliers have been appointed (as sole agents) to market for sale this established investment opportunity in the heart of Alexandra.

The property is being offered ‘For Sale’ by Deadline Private Treaty closing Thursday 12 August 2021 at 4pm NZST (unless sold prior).

Further information can be obtained by contacting the agents below.

This information Memorandum provides preliminary information to assist interested parties with their assessment of the property.

Further information is available via the data room available on request.

Ref: 67015170

Data room documents available: Certificates of Titles Lease Documentation ISA – seismic report Pre-contract disclosure documents (32 Centennial Ave & 21 Shannon St)

All enquiries, requests for information and arrangements to undertake inspections in relation to this opportunity are to be directed to the sole agents, please.

Rory O’Donnell +64 27 445 3982 rory.odonnell@colliers.com Mark Simpson +64 27 490 6394 mark.simpson@colliers.com

Contents Executive Summary

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28 Centennial Ave

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32 Centennial Ave

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21 Shannon Street

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Location 10 Zone

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The Tenant

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Certificates of Title

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Photos

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Executive Summary

SALE METHOD

LETTABLE FLOOR AREA

For Sale By Deadline Private Treaty closing Thursday 12 August 2021 at 4pm NZST (unless sold prior)

1452m² (more or less)

DESCRIPTION The property comprises an established bulk retail premise occupied by Central Otago Mitre 10, located on a high profile site with extensive frontage to Centennial Avenue the main arterial route through Alexandra.

LEGAL DESCRIPTION 28 Centennial Avenue Lot 2 Deposited Plan 24831 (Freehold) 32 Centennial Avenue

NBS SEISMIC RATING 28 Centennial Avenue 100% 21 Shannon Street

70%

TENANT Central Otago Energy Centre Limited Trading as Central Otago Mitre 10

NET RENTAL $216,500 plus GST and Outgoings

WALT

Unit A and Accessory Unit A1, A2 and A3 Deposited Plan 24828 (Stratum in Freehold)

7.75 years (current term expires 28 February 2029)

21 Shannon Street

ZONING

Unit C and Accessory Unit C1 and C2 Deposited Plan 24828 (Stratum in Freehold)

Business Resource Area under the Central Otago Operative District Plan.

TOTAL COMBINED SITE AREA 3022m² (more or less)

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28 CENTENNIAL AVE 28 Centennial Avenue comprises the main retail premise which has been set back from the main road frontage incorporating a landscaped main entrance, disabled car-park and loading area to the front of the garden centre. The building has essentially been built between the side boundaries and therefore enjoys a frontage of approximately 37 metres. In addition, there is a rear yard are behind the building which also includes access from Shannon Street.

LEGAL DESCRIPTION

Lot 2 Deposited Plan 24831

TENURE

Freehold

FLOOR AREAS

Main retail area Mezzanine, Office & Amenities Garden Centre Area TOTAL

SITE AREA

2074m² (more or less)

NBS SEISMIC RATING

100% NBS — report available in the dataroom

LAYOUT

The main entrance opens to a large L-shape retail area with a centrally located mezzanine floor providing two offices, staff room, staff amenities and hardware storeroom. Access to the garden centre area in front of the retail space.

CONSTRUCTION

Concrete floor slab foundations, walls part reinforced concrete tilt slab and RSJ portal frame, part timber framed coloursteel and hardiflex cladding, aluminium joinery and corrugated galvanized iron roofing. Internal linings comprise a mixture of exposed concrete, hardboard, gib-board and pinex.

1030m² 120m² 293m² 1443m²

boundary line indicative only

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30 CENTENNIAL AVE Originally comprising a small bungalow with parking area to the front which operated as a medical centre. In 2010 the dwelling was removed and the area was incorporated into the expansion of the Mitre 10 business and was redeveloped to create an outdoor garden centre and associated car-parking.

Other improvements to the site include a substantial concrete block fence with feature stone veneer adjacent to the frontage to the Centennial Avenue and the entrance to the drive-in. This area is currently utilised as the main timber yard area and incorporates a large steel framed sun shade.

The balance of the site has a formed concrete block and galvanized steel fence to provide separation between the customer drive thru and parking area.

LEGAL DESCRIPTION

Unit A and Accessory Unit A1, A2 and A3 Deposited Plan 24828

TENURE

Stratum in Freehold

SITE AREA

Estimated 398m²

boundary line indicative only

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21 SHANNON STREET The property comprises a semi-detached retail and warehouse premise fronting Shannon Street which forms part of an existing unit titled development constructed in the 1980’s. The property is currently utilized for retail sales of building materials.

LEGAL DESCRIPTION

Unit C and Accessory Unit C1 and C2 Deposited Plan 24828

TENURE

Stratum in Freehold

FLOOR AREA

Retail Showroom 204m² Mezzanine 98m² TOTAL 302m²

SITE AREA

Estimated 550m²

NBS SEISMIC RATING

70% NBS – report available in the dataroom

LAYOUT

Retail shop and showroom with stairs to the mezzanine floor. In addition, there is a storeroom with roller door access to the yard area.

CONSTRUCTION

Concrete foundations and flooring, part timber framed and part RSJ portal frame structural walls clad with textured plaster over riblath and fibrolite, timber joinery and a combination of fibrolite shingle and corrugated galvanized iron roofing.

boundary line indicative only

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LOCATION The property lies on the southern corner of the intersection of Shannon Street with Centennial Avenue, the main arterial route through Alexandra (State Highway 8), Alexandra town centre is approximately 300m to the East.

Alexandra is located on the banks of the Clutha River (at the confluence of the Manuherikia River), on State Highway 8. It is 188 kilometres by road from Dunedin and 33 kilometres south of Cromwell, and services the growing rural and agri-business economy of Central Otago.

Alexandra is the service centre for a significant stone-fruit industry, which is celebrated by a blossom festival in the town each spring. Grape production is another major industry in the Central Otago Wine Region. Alexandra also boasts the world’s southernmost vineyard, Black Ridge.

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ZONE The property is shown within the operative district plan as being zoned Alexandra Business Resource Area. Site standards include the following:

Building Coverage

A shop in the Business Resource Area shall have a minimum floor area of 600m²

Building Height

The maximum height of all buildings is 10 metres

Building Facades

The erection of new buildings and alterations to the exterior of the existing building requires Building Consent. Council shall exercise its control in respect of the buildings design, appearance, colour and materials of construction.

See: www.codc.govt.nz

Note: Interested parties are recommended to obtain their own independent planning and due diligence advice.

The Tenant

The premises is currently tenanted by Central Otago Energy Centre Ltd trading as Mitre 10 Mitre 10 has been a part of New Zealand’s home improvement culture since 1974. New Zealand owned and operated with stores across the country, Mitre 10 is a Kiwi success story. They are New Zealand’s largest home improvement and garden retailer and continue to grow through both share of market and number of stores. Their trade business is also steadily growing with more and more trade professionals seeking to partner with them.

Many New Zealanders have grown up with Mitre 10 and trust the brand so much so that it has been awarded the most trusted brand in New Zealand in home improvement retailing on five occasions.

Central Otago Mitre 10 is owned and operated by locals who have had an association with the business for a long period of time, working for the previous owners as employees.

LEASE DETAILS PREMISES

28-32 Centennial Avenue & 21 Shannon Street, Alexandra

LESSOR

30 Centennial Avenue Limited

LESSEE

Central Otago Energy Centre Limited

COMMENCEMENT (CURRENT TERM)

01 March 2019

TERM

Ten (10) years (expires 28 Feb 2029)

RENEWALS OF TERM

Two (2) of Five (5) years each (final expiry if all renewals taken 28 Feb 2039)

ANNUAL CONTRACT RENTAL

$216,500 + GST + outgoings

RENT REVIEWS

Three Yearly

Certificates of Title

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Photos

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Thank you again for the opportunity to present our sales strategy and marketing proposal for 28-32 Centennial Ave and 21 Shannon St. We look forward to the opportunity to discuss this further with you.

Rory O’Donnell +64 27 445 3982 rory.odonnell@colliers.com

Mark Simpson +64 27 490 6394 mark.simpson@colliers.com

28-34 Centennial Avenue & 21 Shannon Street Alexandra FOR SALE BY DEADLINE PRIVATE TREATY closing Thursday 12 August 2021 at 4pm (unless sold prior) Colliers, Top Floor, 10 Athol Street, Queenstown Ref: 67015170 Rory O’Donnell +64 27 445 3982 rory.odonnell@colliers.com

Mark Simpson +64 27 490 6394 mark.simpson@colliers.com

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 purchaser may require. In all cases interested parties must conduct their own investigation and analysis of the property 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 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 Colliers NZ Limited (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 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 be aware that Mortgagee Sales can present more risk to purchasers, we recommend you take advice from your lawyer in this respect.