Affordable retail property has long lease

5:04 PM Friday August 3, 2018 True Commercial

Tremains Rentals and Ambience Hair are tenants at 120 Market St North. Photo / Supplied

An affordable commercial investment property at Hastings is for sale with a long-term lease backed by Hawke’s Bay’s leading real estate group.

Colliers International Broker Danny Blair is marketing 120 Market St North, Hastings, for sale by negotiation.

On a 483sq m freehold site, the 280sq m retail building is for sale with a long-term lease to Tremains Rentals, part of the Tremain Group, which covers the Hawke’s Bay property market under the Tremains, Colliers International and Sotheby’s brands.

Blair says the sale presents an opportunity to purchase an affordable commercial property investment in the heart of Hastings.

“It has been refurbished to a very high standard with a quality fit out, great lighting, polished concrete floors and large glazed frontage. Tremains Rentals is on a six-year lease from settlement, paying $91,000 in net annual rent.

“The lease includes two-yearly market rental reviews, with two rights of renewal of three years each extending the total lease term until 2030.

“Tremains subleases 47.8sq m of the retail space to Ambience Hair, a local hair studio known for its cut and colour work.”

Zoned Commercial, the property has a very good seismic rating of 84 per cent of New Building Standard.

Six on-site car parks are available, as well as abundant parking on the street and in nearby car parks.

Blair says the property is on the western side of Market St North, between the intersections of Heretaunga St West and Queen Street West.

“This area is very active with pedestrians due to its location in the central Hastings retail and car parking precinct.

“Nearby Queen St West is the main vehicle route around Hastings CBD, making the area attractive to a range of commercial tenants.”

Large banks in the area include SBS, the Co-operative Bank, Kiwibank, BNZ, Westpac, ANZ, TSB and ASB. The area is also popular with national retailers, including Spark, Vodafone, AMI, House of Travel, Life Pharmacy and Specsavers.

In surrounding blocks are bookstores Whitcoulls and Paper Plus, jewellers Pascoes and Michael Hill, and fashion retailers Hallensteins, Cotton On, Just Jeans and Hannahs. Big box retailers nearby include Bunnings Warehouse, Spotlight, Farmers and Countdown.