A prominent commercial building with a high-profile tenant located on one of the busiest streets in Hastings is being presented to the market for sale.
516 Heretaunga Street West, Hastings has 960sq m of floor area on a 2,397sq m freehold site that is zoned Commercial Service.
The building is home to Animates, New Zealand’s leading pet store that has a national network of approximately 52 stores and vet clinics.
Animates is in the final year of a 10-year lease but has two separate rights of renewal for five years available and discussions are ongoing about the extension of the lease with Animates signalling their clear intent to remain in the property. The current net annual rental income is $195,532 plus GST per annum.
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Offering 29 on-site car parks, the property is highly accessible and strategically located near a range of big-name brands, including Pak‘nSave, Big Save Furniture, and a Z service station.
Colliers Hawke’s Bay Brokers Ash Hames and Danny Blair have been exclusively appointed to market the property for sale via deadline private treaty closing at 3pm on Thursday 23 March, unless sold prior.
Originally constructed in 2007, the property has a 100 per cent NBS rating and the building offers unbeatable profile to Heretaunga Street.
The well-lit, high stud building offers an ideal mix of showroom and retail space, as well as office and warehouse areas that provide convenience for the occupants and an inviting experience for visitors.
Hames, Commercial Broker at Colliers Hawke’s Bay, says Animates is a blue-chip tenant that provides a strong tenant covenant for the property.
“Ownership of Animates is a 50-50 joint venture between ASX-listed Greencross and the EBOS Group. Greencross is Australia’s largest pet care company and owns over 130 veterinary practices and over 200 pet specialty stores, including 140 Petbarn stores in Australia,” Hames says.
“The EBOS Group is the largest and most diversified Australasian marketer, wholesaler, and distributor of healthcare, medical, and pharmaceutical products. It is also a leading marketer and distributor of recognised animal care brands generating $10.7 billion in revenue annually across its businesses and servicing thousands of customers across Australasia.
“Having opened their first store in Christchurch in 1995, Animates have dedicated themselves to creating an awesome experience for people and their pets to provide their customers with everything they need to become great pet parents, from products and services to expert advice.”
Blair, Director at Colliers Hawke’s Bay, says the property enjoys dual access from key arterial routes in Hastings and has been well maintained.
“This is an A-grade retail investment that offers astute investors the chance to secure a high-profile property on the fringe of the Hastings CBD,” Blair says.
“Having an established occupant in the building will be highly appealing for buyers, while the ongoing negotiation of a new lease could provide a boost in rental income that will bring it in line with current market rates.
“Purchasing opportunities such as this one are seldom seen on the open market and we encourage all interested parties to contact us immediately to ensure they don’t miss out on the chance to acquire this prime asset.”
- Article supplied by Colliers
