MITRE 10 has put its New Plymouth and Kaikoura bulk retail hardware stores up for sale to investors looking for a long-term income stream.
Nick Howe-Smith of Bayleys North Shore Commercial and Industrial said the Mitre 10 Solutions at 107 Beach Road, Kaikoura and Mega Mitre 10 on the corner of Vickers and Rifle Range Roads in New Plymouth could appeal to investors wanting to add modern, purpose-built facilities with long-term leases locked in.
The Kaikoura retail warehouse was built in 2007 on a 5842 square metre site close to State Highway 1. It has a total lettable building area of 1048 sq m, a garden centre of 615 sq m, landscape yard of 406 sq m and parking for 37 cars. The head lease to Mitre 10 NZ Limited is renewable in 2019 with a net rental of $152,234 plus GST per year.
The New Plymouth Mega Store is close to New Plymouth's Valley Mega Centre, a new Countdown Supermarket (under construction) and VTNZ testing station.
Opened in 2007 it has bulk retail, cafe, garden centre, inwards goods, and covered drive-through warehouse and mezzanine offices. The site is strategically located given the substantial development in this area over the last decade, said agent Daryl Devereux. It also had convenient access to State Highway 3, the route to New Plymouth CBD from the airport and the north.
The 1.7 hectare property has extensive car parking adjacent to the Countdown Supermarket, a total lettable area of 11,109 sq m and generates an annual rental of $1,220,000 plus GST.
The head lease is to Mitre 10 NZ Limited and expires on September 1, 2019 with cost price index rent reviews every three years. Tenders for both the New Plymouth and Kaikoura properties close on 28 May.
Mitre 10 general manager commercial Ray Clarke said nearly all of the 100 stores in the co- operative chain were owner- operated. The Kaikoura and New Plymouth stores were developed to expand the chain and were being sold so it could build more stores.
Big deal: The Kaikoura (above) and New Plymouth (below) Mitre 10 bulk retail hardware stores which have been put on the market.