The land and building housing a provincial branch of one of New Zealand’s biggest building supplies brands have been placed on the market for sale.
The substantial block in Thames, Coromandel Peninsula, is home to the local branch of Mitre 10.
Mitre 10 has been operating in New Zealand since 1974, and the central Thames branch is now part of a nation-wide co-operative of 84 independent locally owned stores.
The Thames branch of Mitre 10 is located near the corner of Pollen and Sealey streets in the town centre, and features some 2,009-square metre of single level warehouse style retail premises sitting on approximately 3,313-square metres of freehold commercially zoned land.
Start your property search
In addition to hardware products, the store has an extensive outdoor gardening supplies yard.
Mitre 10’s buildings and land in Thames is unlike many of the chain’s taller and larger barn-like sister stores seen around other New Zealand towns and cities.
The Thames venue comprises premises which, wrap around the sides and back of other separate commercial properties sustaining a liquor store, the Imperial Hotel pub, and a barber’s salon.
The freehold land and Mitre 10 buildings at 456-458 Pollen Street and 204-206 Sealey Street in Thames are now being marketed for sale at auction on August 20 through Bayleys Ngatea.
Salesperson Josh Smith said the Thames Mitre 10 premises had two different public access points for customers – with a stereotypical retail high street style frontage on Pollen Street featuring large windows showcasing the likes of garden maintenance equipment, and an additional vehicle entrance off Sealey Street for customers loading up their utes and vans with bulkier building and gardening supplies.
The property also has separate laneway vehicle access off Macky Street for delivery vehicles.
“These multiple access points contribute to the site’s operational efficiency – which is why the store is so popular with locals. It’s literally two different retail experiences.
"The outdoor gardening and landscaping portion of the retail destination on Sealey Street adds another retail dimension to the property too,” he said.
“Both the Pollen Street and Sealey Street frontages allow Mitre 10 Thames to make the most of its readily distinctive bright orange and black logo livery, and there is substantial on-street parking on both Pollen and Sealey streets for added customer convenience.”
Mitre 10 Thames is currently on a lease generating annual rental income of $203,271 plus GST and operating expenses. A computer company also occupies a mezzanine level portion of the premises.
“The strategically located property is one of the biggest commercial sites in Thames, and benefits from being in the heart of the central business district situated amongst a plethora of locally focussed retail outlets and professional services offices which underpins solid volumes of both vehicle and foot traffic.”
As the town’s retail hub, Thames Coromandel District Council has identified Pollen Street for a major multi-million-dollar renovation and upgrade project to improve stormwater, wastewater, and general water pipelines.
More than $5million has been set aside in council accounts for the planning, design, pipe laying, and roading reinstatement project to be undertaken in the coming years.
“From a long term-perspective, it’s highly encouraging to see that Thames Coromandel District Council readily acknowledges Pollen Street to be the centre of economic and social activity in Thames, and has committed funds to ensuring the road’s appeal and relevance to the wider community,” Smith said.
“Mite 10’s dual entry points for customers will effectively minimise any potential disruption to the Pollen Street frontage portion of the property during the works when they eventually begin.
“Any new owner of the Pollen Street/Sealey Street Mitre 10 Thames premises can take heart that they are not only buying into the town’s prime retail and domestic amenities and services hub which has the backing of the council, but are also securing a real estate asset with a substantial nationally branded tenant in place.”
- Supplied by Bayleys
