Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Fully-tenanted Retail Offering In Heart Of Nelson CBD

A fully-tenanted retail offering in Bridge Street, Nelson is on the market with a much-reduced price as a once-only offer and $270,000 below the property’s current rateable value.

The properties at 82 and 84 Bridge Street occupy 435sqm of Inner-City Centre-zoned land over two freehold titles, with frontages to both Bridge Street and Buxton Square.

Just 70 metres east of Trafalgar Street – the main shopping strip – and with a favourable northern aspect to Bridge Street, there are four fully-leased individual retail tenancies returning a net annual income of $97,795 plus GST and operating expenses.

With a collective asking price of $1,220,000 + GST (if any) and the existing tenant covenant, the properties provide for an 8-percent return on investment.

The anchor tenant is sports’ footwear retailer Shoe Clinic which has operated from the site for 14 years and has a new six-year lease from 1st November 2019 with rights of renewal in place.

The other businesses are e-bike seller Electrify NZ Nelson which is part of a nine-store nationwide network, massage therapy providers Nelson Relax Thai Massage, and beauty service operator, Alibi Hair and Beauty Room – all on varying lease terms and with rights of renewal.

Shoe Clinic and Electrify NZ front onto Bridge Street and are directly opposite Warehouse Stationery and adjacent to Noel Leeming. Nelson Relax Thai Massage and Alibi Hair and Beauty Room are accessed from Buxton Square, which has ample public car parking, or on foot via Fiddle Lane which runs off Bridge Street just along from Shoe Clinic.

Paul Vining of Bayleys Nelson says the owner of the properties is a private local investor who has made improvements to the buildings which are at 67 percent NBS, negotiated new leases for the tenants and is now looking to realign his asset portfolio.

“This is a split-risk investment with a good spread of tenants – all of which are well-positioned to service the local market as consumer spending resumes after the COVID-19 lockdown restrictions,” says Vining.

“With New Zealanders being encouraged to shop local and support local businesses in the current economic climate, these businesses are able to provide equipment and services in both the leisure and well-being markets which are both enjoying solid demand at present as Nelson residents start to spread their social wings again.”

Vining says the retail property sector had been “a bit challenging” in pre-COVID times right around the country, but he expects that there will be an emotional component in property investment in the foreseeable future.

“I think there’s been a shift in thinking as everyone has been forced to take a breather and reassess priorities,” says Vining.

“The community spirit and cohesiveness that we’ve seen in Nelson over the lockdown period and subsequent moving down through alert levels has been awesome.

“Nelsonians have a new appreciation for this part of the world and may well look to invest in the city’s commercial property stock.

“I also sense that former residents could experience an emotional pull back to the region as they reassess their futures and Nelson could be seen as an attractive place to invest.”

With a combined rateable value today of $1,490,000, the asking price for the properties of $1,220,000 plus GST if any, is only just above the 2009/2010 rateable value, creating a tangible opportunity for an investor to either get into the commercial market or add to an existing portfolio.

Vining says Nelson City Council is supportive of local businesses and keen to see the city centre thrive.

At a recent extraordinary meeting, city councillors showed commitment to supporting the community through the COVID-19 crisis by voting unanimously to consider a zero percent rates rise in the 2020/21 Annual Plan.

In the same meeting, Council agreed to a comprehensive relief package designed to aid Nelson’s recovery from the COVID-19 shutdown which includes the suspension of all parking fees in the city centre until the end of June 2020.

Nelson-Tasman’s economy is largely dependent on seafood processing, forestry processing and other manufacturing strands and it is expected that this will stand the region in good stead as it navigates the post-COVID economic landscape.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:

Economy: COVID-19 Contributes To 1.6 Percent Fall In March Quarter GDP

Gross domestic product (GDP) fell 1.6 percent in the March 2020 quarter, the largest drop in 29 years, as the initial effects of COVID-19 restrictions impacted on economic activity, Stats NZ said today. This quarter’s GDP results showed a widespread drop ... More>>

ALSO:


Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>

ALSO:

ASB: Investor Confidence Falls To Four-Year Low

As the world grapples with the fallout from the most significant pandemic the world has seen in a century, economic concerns are weighing on investors, dragging investor confidence down to a four-year low in the first quarter of the year. For the three ... More>>

ALSO:

Science Media Centre: Funding For R&D In New Zealand – Expert Reaction

Research, Science and Innovation Minister Dr Megan Woods has today announced $401.3 million funding for research and development through Budget 2020 and the COVID Response and Recovery Fund. The fund includes $150 million for an R&D loan scheme, ... More>>

ALSO:


Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

Potatoes New Zealand: Protecting NZ Fries As Part Of PNZ Pandemic Recovery & Transformation Plan

Potatoes New Zealand has met with Minister Faafoi this week to discuss investigating the potential importation of heavily discounted frozen potato chips into New Zealand. With MBIE’s support we are undertaking an investigation to gather evidence of the ... More>>

ALSO:


New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO:


Science Media Centre: Understanding 5G Concerns – Expert Q&A


Recent attacks on cell phone towers have brought concerns over the rollout of 5G technology into sharp relief.
While scientific research has consistently shown that the technology does not adversely affect human health, public concerns about its impact have spread around the world, fueled in part by growing misinformation online. The SMC asked experts to comment... More>>

ALSO:


Trade: Record Monthly Surplus As Imports Dive

Imports in April 2020 had their biggest fall since October 2009, resulting in a monthly trade surplus of $1.3 billion, Stats NZ said today. “This is the largest monthly trade surplus on record and the annual goods trade deficit is the lowest ... More>>

ALSO: