Red Shed’s retail site for sale at Dannevirke
The Warehouse land and buildings at 2 High St, Dannevirke, is on a lease through till 2020. Photo / Supplied
One of the biggest commercial properties in the Southern Hawke’s Bay township of Dannevirke, housing one of New Zealand’s biggest retailing names, is now for sale.
The standalone building at 2 High St in the town houses the 3730sq m branch of national retailing giant The Warehouse. The prime 4046sq m corner location sits on the apex of State Highway 2.
The land and buildings are being marketed for sale by private treaty through Bayleys Hawke’s Bay and Bayleys Tauranga — with offers being taken until September 13. The property features in Bayleys’ latest Total Property portfolio magazine.
The Warehouse Ltd is on a three-year-lease at the property, running through until 2020, which generates net rent of $330,510 with a further three-year right of renewal.
Bayleys Tauranga commercial salesperson Brendon Bradley says the purpose-built Warehouse outlet was constructed in 2002, and benefitted from an adjoining car park licence that provided free car parking facilities for both The Warehouse customers and employees.
As well as an open plan retail format, the high-stud building has administrative offices and staff bathroom amenities.
The Dannevirke branch of The Warehouse is one of 242 retail locations across New Zealand operated under the brand’s parent company. Listed on the New Zealand Stock Exchange, The Warehouse and its sister brands — including Noel Leeming, Warehouse Stationery and Torpedo 7 — employ about 12,000 people.
With a population of approximately 5200 people, Dannevirke is the largest community in the Tararua District and is well serviced with a modern hospital, and three secondary schools.
The Tararua District’s economy is based largely on primary production — with agriculture the predominant land use. A small number of larger regional industries including meat processing and steel fabrication are based in the district.
Dannevirke’s central location — between Napier, the Manawatu and Wairarapa — makes it a nationally significant freight corridor.