The provincial town centre site which has been home to a landmark The Warehouse store for over two decades has gone up for sale.
The iconic Kiwi retailer’s store has traded in the heart of the Northland community of Kaikohe since 2003. It sits in a pivotal location alongside Countdown and McDonald’s within the commercial hub of the notable regional service town.
The Warehouse store plus a smaller building on the site leased to a community health advice charity generate a total net rental return of $340,000 plus outgoings and GST per annum, with built-in market rent reviews every three years.
Founded by Sir Stephen Tindall around 40 years ago, NZX-listed The Warehouse Group has evolved from a single The Warehouse store to become one of New Zealand’s largest retailing groups with $3 billion in sales and a team of more than 12,000.
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With leading brands including The Warehouse, Warehouse Stationery, Noel Leeming, Torpedo7, 1-day and TheMarket, the group has 260-plus retail stores, plus online stores, distribution centres throughout the country, and sourcing offices in China and India.
Open 8am to 8pm daily, the Kaikohe store brings in customers from the town and surrounding areas with The Warehouse’s popular offering of wide-ranging products at low prices, from clothing and homeware to toys and electronics – plus its own garden centre.
The freehold land and buildings at 39 Station Road, Kaikohe, are being marketed for sale through Lia Pauley and Ben Clare of Bayleys Real Estate.
The property is being offered by way of a deadline sale closing on Friday 8 March.
Pauley said the buildings with a total floor area of some 3,377 square metres sat on nearly 7,200 square metres of commercial-zoned freehold land.
“Customers, staff and the business alike benefit from the spacious and well-presented retail building, along with an extensive car park and drive-around delivery amenity.
“It has been well maintained, ensuring it projects an attractive and eye-catching presence and minimising the risk of significant maintenance costs to a new owner,” said Pauley.
Clare said the property benefited greatly from its strategic location within a heavily frequented retail complex in the middle of town alongside Countdown and McDonald’s.
“The combined drawing power of these iconic brands creates a centre of gravity that pulls in customers from across town and well beyond and assures this area of consistent foot traffic.
“The proven, longstanding presence of blue-chip tenant The Warehouse in this prime location makes this a passive investment opportunity of the highest calibre – and one that’s sure to pique the interest of buyers far beyond Northland,” Clare said.
Kaikohe’s population swelled by 15 percent in the five years to the 2018 New Zealand census and is now estimated at around 5,000.
Sometimes referred to as "the hub of the north", it is the largest town in the Far North District and an important provincial service centre for a community underpinned by agriculture, forestry, and related industries. The town serves people from surrounding areas with essential amenities such as schools, retail and healthcare facilities.
Its location on State Highway 12 enables easy connections with most other parts of Northland.
- Supplied by Bayleys
