A prime commercial premises in Whanganui’s main retail strip is being offered to the market for the first time in more than six decades.
The heritage property on 2,030sq m (more or less) of freehold land at 33 Victoria Avenue provides additional frontage to St Hill Street at the gateway to the city’s primary hospitality district and the Riverside precinct.
Bayleys Whanganui salesperson Jordan Davis says the property presents a rare opportunity to own a slice of Whanganui’s manufacturing history, having served as the flagship store for one of the region’s longest-surviving businesses.
“The current owner-occupier is a fourth-generation family-run business, which has served the region as a cabinet-maker, upholsterer, flooring business, furniture, curtain and soft furnishings manufacturer and retailer for more than 100 years.
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“Wanganui Furnishings have occupied the current premises since October 1959, subsequently purchasing the rear property directly behind the Victoria Avenue store to expand operations in 1982.
“The result is a substantial retail opportunity with generous floor areas which will appeal to a broad spectrum of buyers in the current environment.”
Davis is marketing the premises for sale with colleagues Amie Rowan and Michael Bourne.
The property is offered for sale by tender, closing at 2:00 pm on Thursday, 29th June 2023.
It features several structures and a net lettable area of 2,120sq m (more or less).
Bayleys Whanganui salesperson Amie Rowan says the buildings feature an attractive character façade which endures as culturally and historically significant, including a heritage registered building constructed circa the early 1900s as a photographer’s studio and dental practice.
“Opportunities of this scale and magnitude are seldom available in Whanganui, particularly in such a tightly-held commercial and retail precinct. Moreover, retention by the current owners for more than 60 years has meant the property has maintained its grand scale and commanding position – making it a rarely available asset for a new owner with a view to the future.”
The property is available with flexible lease terms, being either vacant possession or a vendor leaseback of one year less one day from the date of settlement.
Potential net income is $120,000 per annum plus outgoings and GST.
“The current owners are a stalwart of the local manufacturing and retailing scene. However, they have decided to move on, providing an extraordinary opportunity for a new owner wishing to take advantage of flexible lease terms and an extended settlement,” says Bayleys Whanganui salesperson Michael Bourne.
“The property is suited for use by a range of investors and owner-occupiers, with a vendor leaseback providing an immediate opportunity to generate income from the moment of settlement.
“This offers immediate upside for investors while development options that maximise the site’s commercial density zoning provisions are considered.
“In addition, the location within the city’s prime retail strip provides superb access to amenities and transportation networks, which are constantly evolving in response to economic activity and a growing population.
“Whanganui has seen significant positive growth across all key economic indicators in the last year, being a bright spot for the country’s economy and outperforming our neighbours, New Plymouth and Palmerston North.
“Employment remains high, retail is performing well, and sentiment is improving thanks to the reboot in tourism and migration, which has returned to pre-pandemic levels. This continues to underpin demand for commercial accommodation and large-scale owner-occupied premises.
“Benchmark yields are on their way back up locally, particularly for well-located assets, of which there is a shortage in prime areas, further contributing to the value proposition on offer.”
- Article supplied by Bayleys
