Bay of Islands Warehouse for sale

3:15 PM Friday December 1, 2017 True Commercial

The Warehouse Waipapa is at 8 Klinac Lane. Photo / Supplied

The land and building housing the Waipapa branch of The Warehouse in the Bay of Islands are for sale.

Purpose-built for the national retailer in the early 2000s, the 44496sq m standalone building at 8 Klinac Lane, sits on 14,016sq m of land in Waipapa’s main retail precinct, off State Highway 10.

The property generates net rent of $405,991 a year.

Bayleys Auckland and Bayleys Kerikeri are jointly marketing the property by deadline private treaty, with offers being taken until on December 7. Auckland sales agent Peter Gorton says The Warehouse has occupied the property since 2004 and in August it commenced a new six-year lease, with two three-year rights of renewal.

The high-stud building follows The Warehouse’s standard open plan retail format.

It includes a garden centre, administrative offices, and loading and unloading facilities, as well as ample customer parking.

“Left alone, the property would provide potential buyers a solid long-term income.

“However, there are opportunities to add more value and develop the property further, with a portion of the landholding lying vacant,” Gorton says.

The Warehouse Waipapa is a 10-minute drive from the centre of Kerikeri and draws customers from the wider Bay of Islands area as well as the Far North district.

The area has seen a resurgence in big box retail. Mitre 10 recently bought 9000sq m within the Klinac Lane loop, west of The Warehouse, for what would be its first outlet in the region since selling its store in Kerikeri to Bunnings in 2012.

The retail precinct is also home to other leading national retail brands and businesses, including Noel Leeming, Carters, Stirling Sports and Farmlands.

The Waipapa branch of The Warehouse is one of 242 retail locations across New Zealand operated under the brand’s parent company.