Red shed retail site added to the trolley by regional property investors
One of the biggest commercial properties in the Southern Hawke’s Bay township of Dannevirke – housing one of New Zealand’s biggest retailing names – has been placed on the market for sale.
The standalone building at 2 High Street in the town houses the 3,730 square metre branch of national retailing giant The Warehouse. The prime 4,046 square metre corner location sits on the apex of State Highway Two.
The land and buildings are being marketed for sale by private treaty through Bayleys Hawke’s Bay and Bayleys Tauranga – with offers being taken until 4pm on September 13.
The Warehouse Ltd is currently on a three year lease at the property running through until 2020 – generating a net rental return of $330,510 + GST and with a further three-year right of renewal.
Bayleys Tauranga commercial salesperson Brendon Bradley said the purpose-built Warehouse outlet was constructed in 2002, and benefitted from an adjoining car park license that provided free car parking facilities for both Warehouse customers and employees.
As well as an open plan retail format, the high-stud building also has administrative offices and staff bathroom amenities.
The Dannevirke branch of The Warehouse is one of 242 retail locations across New Zealand operated under the brand’s parent company. Listed on the New Zealand Stock Exchange, The Warehouse and its sister brands – including Noel Leeming, Warehouse Stationary and Torpedo 7 – employ approximately 12,000 people.
With a population of approximately 5200 people, Dannevirke is the largest community in the Tararua District and is well serviced with a modern hospital, and three secondary schools.
The Tararua District’s economy is based largely on primary production – with agriculture the predominant land use. A small number of larger regional industries including meat processing and steel fabrication are based in the district.
Dannevirke’s central location – between Napier, the Manawatu and Wairarapa – makes it a nationally significant freight corridor.