Postie Plus store sale offers ‘off the rack’ commercial property investment
The land and buildings housing the regional outlet for one of New Zealand’s largest fashion chain retailers has been placed on the market for sale.
The Feilding branch of Postie Plus at 161 Kimbolton Road in the Manawatu township is a single storey 492 square metre premises sitting on 922 square metres of freehold land. It comes complete with nine on-site car parks.
International retailing giant Pepkor has owned Postie Plus since 2014. Pepkor has retailing operations in 15 Countries. In New Zealand, Postie Plus currently has 65 physical stores nationwide plus a webstore offering quality women’s fashion, childrenswear, menswear, underwear and health and beauty products.
The Feilding property is being marketed for sale by private treaty, with offers being taken until 4pm on August 3 through Bayleys Palmerston North. Salesperson Lewis Townshend said the conveniently located retail property was built in 2011 and had been continuously occupied by Postie Plus over the intervening years.
Postie Plus is currently on a lease running through until 2020 - generating annual net rental of $84,000 plus GST. The Feilding branch is one of the brand’s top 10 performing stores in New Zealand. The next nearest Postie Plus outlet is in Palmerston North.
The Kimbolton Road property is situated in Feilding’s bulk retail hub – with neighbouring tenants including The Warehouse, Resene Colour Shop and Countdown supermarket.
Mr Townshend said
the quality of the building, combined with the reputation of
the tenant, made the property an ideal investment