A prominent office and industrial property on a corner site that includes a significant parcel of development land in Whakatū near Hastings is being presented to the market for sale.
96 Anderson Road, Whakatū is home to multiple buildings with a total floor area of 2,885sq m on a 12,490sq m site. There is approximately 1,700sq m of vacant land, which could be developed in the future.
Anchored by the offices of the country’s largest apple producer Mr Apple, who are owned by NZX-listed entity the Scales Corporation, the diverse tenancy mix offers a premium split-risk investment opportunity and provides a combined annual net rental income of $425,283 plus GST. The site also houses the only cafe in the area.
Whakatū is a satellite settlement located by State Highway 2, approximately 7km north-east of Hastings and 14km south of Napier.
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Within the Whakatū locality there are a number of packhouses, heavy industrial activities, and fruit storage facilities, which are a key part of the Hastings District’s growing economy that saw a 3 per cent increase in GDP for the year to March 2023, according to data from Infometrics.
The subject property can be accessed from both Anderson Road and Station Road and boasts a remarkable profile with over 110m of frontage onto Anderson Road.
Colliers Hawke’s Bay Director Danny Blair has been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 27 July, unless sold prior.
Blair says the main office building at the property spans 2,524sq m and was constructed in the 1960s.
“Since 2013, major refurbishment work began on the eastern half, and the western side was also upgraded. As part of the refurbishments in 2017, the eastern wing was extended to include a new entry and reception area,” Blair says.
“The building is internally partitioned offering a combination of both open plan and partitioned offices for a range of tenants with Mr Apple occupying 1,251sq m of space on a lease agreement that runs until November 2024 and includes three rights of renewal for five years each. They also have access to 60 on-site car parks.”
Sitting prominently on the site, the former Whakatū Fire Station was originally built around 1970 and has since been repurposed into a bakery that features a commercial kitchen, as well as both indoor and outdoor dining areas.
The total floor area, including the covered entrance, spans 247sq m and the current occupants, trading as the Fire Station Cafe, began a six-year and three-month lease in March 2017 with two further rights of renewal for three years each.
The property also includes a former bowls clubrooms and this single-level building was originally constructed in the 1960s, but has since been repurposed into an office, storage, and workshop facility.
Thornhill Contracting, Fruition Horticulture, Par Communications, and The Drug Detection Agency Whakatū, Hawke’s Bay are among the office occupants at the property with lease agreements that all include further rights of renewal and future rent reviews.
There are two storage sheds measuring 30sq m and 20sq m, respectively, while a handful of industrial occupants have rolling monthly leases at the property.
Blair says on top of the steady rental stream provided by the split-risk tenancy mix, the future value of the property could be enhanced with a strategic development on the vacant land.
“Given the functionality of the site and the available space, the new owner of the property can further intensify its usage and unlock the true potential.
“With multiple entrances, the site is highly accessible for occupants and will lend itself to a wide variety of uses.”
- Article supplied by Colliers
