Anchor-tenanted by the only general merchandise retailer in Kaikohe, 39 Station Road offers investment security with a committed national tenant that has a secure market share.
With the vendor retiring from commercial property, the opportunity is now to put an offer to purchase forward.
The Warehouse Limited has a strong and unchallenged position in Kaikohe. With consumers in the regions strongly opting for in-store purchasing, The Warehouse Limited has recognized the local consumer demand and further cemented their presence in the heart of Kaikohe. The existing lease, originating from 2003, has just been extended with an 8 year term at $329,600+gst p.a. with further renewals and rent increases.
In addition to The Warehouse tenancy, the purchase includes a smaller office building with Mid North Pregnancy Choice occupying the tidy retail space since 2020 with a rental of $22,000+gst p.a. Bringing the total net income to $351,600+gst p.a.
The Warehouse tenancy is a modern tilt slab and steel building that features a loop-around truck access delivery bay at the rear, away from the public which provides the store with an excellent flow for new arriving goods to the store floor. The building is kept tidy and major works are under way to replace the A/C system at present.
The property offers an abundance of car parking on its 2 titles as well as shared parking with other consumer-magnets such as MacDonalds and Woolworths, further fueling the area's retail demand.
Contact Paul today for more information and to book a viewing.
