A highly visible car dealership on a busy street in Hastings is available for purchase and will capture the attention of buyers seeking high-quality investment opportunities.
1112 Heretaunga Street West, Hastings has 1,297sq m of net lettable area on a 4,163sq m freehold site.
The modern building is tenanted by Bayswater Vehicles, a well-known business in the Hawke’s Bay region. It is part of the Bayswater Vehicle Group that operates multiple new car dealerships and has been in business for over 35 years.
On settlement the tenant will begin a new seven-year lease at the property that returns $334,100 plus GST in net annual rental income.
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There are also 2.5 per cent fixed annual rental increases and market reviews every five years, ensuring built-in rental growth. There are two separate five-year rights of renewal available.
The property benefits from its high-profile location at the Stortford Lodge roundabout and enjoys dual frontage to Heretaunga Street West and Stortford Street, providing significant exposure to passing traffic and pedestrians.
Heretaunga Street West is a busy roadway carrying steady volumes of traffic linking with main north and southbound traffic as well as servicing the western housing suburbs.
The subject property is 1.9km west of the Hastings CBD and is surrounded by sought-after amenities, including a sushi shop, service station, and multiple food and beverage outlets such as Subway, KFC, and Burger King.
Omahu Road, one of the main arterial routes in Hastings, is only 500m away and the Hawke’s Bay Expressway can be reached in a few minutes.
Danny Blair, Director at Colliers Hawke’s Bay, has been exclusively appointed to market the property for sale via deadline private treaty closing at 3pm on Wednesday 30 April, unless sold prior.
The property has a 478sq m showroom, an attached 657sq m workshop that was built just under a decade ago, and 75sq m of mezzanine office space. There is also canopy and a deck as well as a dedicated car wash area. The asphalted yard space spans 2,856sq m.
Blair says this property has all the makings of a premier investment opportunity given its prominent location and strong tenant covenant.
“The subject property sits in a prime position at the top end of Heretaunga Street West, which is one of the most well-known locations in Hastings,” Blair says.
“The building has been kept in excellent order and serves as a highly functional space for the existing tenant that has established its operations in this busy spot.
“With more than 35 years in business, the Bayswater brand is highly respected across the Hawke’s Bay area and the portfolio of vehicles it sells across its dealerships includes Audi, Volkswagen, Skoda, Nissan, BYD, Mini, Hyundai, Isuzu, Subaru, Suzuki, Jaguar, Land Rover, Volvo, and BMW.”
Blair says the favourable lease terms underpin the quality of this offering and make it one that warrants serious consideration.
“With annual increases and future market rent reviews in place there is built-in rental growth that will pique the interest of buyers.
“If all rights of renewal are exhausted the tenant’s final expiry won’t be for another 17 years following settlement indicating their belief in this location.”
- Supplied by Colliers
