Bank on the return, profit on the upside

247-251, Stafford Street, Timaru, Timaru

Price On Application

Proposed Usage
Retail
Floor Area
4320.30 m²
Description:
Property ID
1c6lwkt

Deadline Sale: 12pm, Thurs 19 Sept 2019 (unless sold prior)

- Quality lease covenants : Five national tenants occupy these charming buildings - Whitcoulls, Noel Leeming, BNZ, Trade Aid and Wilson Parking returning a net income of $552,493.27pa
- Prime CBD location : The first port of call for shoppers living in the Timaru and Mckenzie Districts, Stafford Street has been at the heart of the areas CBD since the 1860s. The tenants here are in good company as Farmers, Ballantynes, Rebel Sport, Glassons and Kathmandu are all close by, along with all the major trading banks.
- Add value opportunity : Secondary retail and first-floor vacancy provide purchasers with an opportunity to significantly increase their rental income and subsequent value.

Bricks and mortar retail is alive and well in Timaru, South Canterbury with national and international tenants actively seeking out space along Stafford Street which has "golden mile" status in the port city. A portfolio of five high-profile properties with quality tenant covenants has come to the market for sale and there's untapped rental upside from some vacant space within the offering The properties for sale are home to Whitcoulls, Noel Leeming, BNZ and Trade Aid, with Wilson Parking managing the rooftop parking component of the offering. The five buildings are arranged in a 'U-shape' configuration and as a result, benefit from three street access points. The buildings fronting Stafford Street itself were built around 1930 and they bookend the heritage-listed Tekapo Building while the rear building, built in 1985, connect the properties and provide the third street access point onto The Terrace via plentiful roof-top parking
The buildings are generally in good order, with the Stafford Street buildings recently reroofed, the roof-top parking area recently resealed and all buildings strengthened to a minimum of 67 percent new build standard.

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Timaru Area