The busy Silverstream Village retail and medical complex in Upper Hutt is for sale as its long-time local owner exits the market, leaving a fully-tenanted and well-maintained asset for a new owner to capitalise on.
Located on the prominent corner of Whitemans Road and Kiln Street, across the road from the Silverstream station which is on the Upper Hutt and Wairarapa railway line, and opposite Silverstream School, the shopping and service centre is at the heart of the walkable suburb.
The single level complex is adjacent to the New World supermarket and includes an easement that allows some sharing of the supermarket carpark.
There is a total 2,340sqm floor area and the flat site, with dual access off Whitemans Road and Kiln Street, is 5,610sqm and zoned Business Commercial. There are 54 car parks associated with the property and each tenancy within the complex has its own bathroom amenities.
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The well-established and longstanding businesses within the complex which is arranged around a central courtyard comprise a good mix of retail and medical service providers underpinned by The Doctors Silverstream and Silverstream Pharmacy, with Lumino The Dentists based in a standalone self-contained building.
Other occupiers are a NZ Post service centre within the pharmacy space, Inform Physiotherapy, The Exercise Studio gym, Silverstream Bakery and Cafe, The Beauty Lounge, Silverstream Cruise and Travel, Art Hair Company, Charltons gastropub, and a Westpac ATM.
All tenants have net leases, with the property returning annual net income of circa-$590,000 plus GST, with 60-percent of the income coming from the three health-related occupiers.
The tenant businesses are on varied lease terms, with rental review mechanisms in place, and several occupiers have expressed their intentions to renew existing leases.
The property was developed in stages with construction starting in the 1980s with alterations, additions and refurbishments in 1998, 2007, 2016, and 2019/20.
There is a detailed seismic assessment report dated 2021 showing the property to be at 73 percent new building standard.
The property is for sale by tender closing 25th September through Fraser Press and Mark Sherlock of Bayleys Wellington Commercial.
The importance of neighbourhood shopping centres generally was highlighted during the pandemic, but the Silverstream Village has always been loyally supported by the community, says Press.
"It's got that self-sufficient convenience factor that Silverstream locals, and those in the neighbouring catchments of Pinehaven and Heretaunga, really take advantage of, with everything handily located around the core," he says.
Across the railway lines from the subject property is McDonald's, a Mobil fuel station, another retail strip, and St Patrick s College Silverstream so the area is well-serviced.
Press says the Silverstream Village retail and medical complex has historically had little to no vacancy as the location is proven with good pedestrian foot traffic, profile to passing vehicles due to the pivotal corner site, and plenty of parking.
"It really is the cornerstone of the Silverstream community and will appeal to an investor who recognises the strength of the location, the fact that the property has been well-maintained, and the value of the long-standing tenant mix.
"Because of that mix of service offerings, suburban neighbourhood centres like this one are a defensive asset class, weathering various real estate and economic cycles due to the value they've offered to the community."
- Supplied by Bayleys
