New 8 Year Lease
337, High Street, Lower Hutt, Lower Hutt
- Proposed Usage
- Floor Area
- 460.00 m²
- Auction Date
- 11:00 - Aug 08, 2019
- Property ID
337 High Street is located on the West side of High Street close to the heart of the Lower Hutt CBD, a short distance from the Westfield shopping mall. It has excellent profile and a pleasant surrounding directly opposite McDonalds. Adjoining and nearby neighbors include Harvey Norman, Beds R Us, Burger King, and Nissan.
This location provides convenient and timely access onto northbound and southbound motorway access via Queens Drive and Rutherford Street or Melling link. It also has the bonus of ample on street parking.
The original building was constructed circa 1945, which had two 4 bays reinforced concrete frames with infill reinforced concrete panels along the perimeter walls with composite timber trusses supporting light weight roof.
In 2008, the building was strengthened and new building was added at the front end of the building using three portal steel frames and pre-fabricated concrete panel walls.
This refurbishment included re-roofing with long-run steel with the interior having an extensive refurbished to create an appealing mix of hospitality and retail areas which superbly compliment the Tenants business.
The property has recently had a Detailed Seismic Assessment which has identified it to be 75% of New Building Standard, an excellent rating.
One of the Lower Hutts most popular Italian/Mediterranean cafes, restaurants and specialty food retailers has occupied this property since 2009 and has just entered into a new 8 year lease at $108,100pa net + GST.
Add to this, easy on street parking, an excellent seismic rating and automatic rent increase means this property represents easy investing.
For further information and supplementary documents please visit: http://www.propertyfiles.co.nz/property/337High
• Long established Tenant and high-profile location
• 75% NBS
• New 8-year lease with 2.5% annual increases
• Net income $108,100 + GST