Bankable Hastings investment with national tenant

Kiwibank call centre and retail in a prime corner investment property

Kiwibank’s call centre and business hub in central Hastings is on the market, offering investors the chance to secure a high-profile commercial property with a national tenant and add-value potential.

Colliers International has been exclusively appointed to market 200 Market Street North and 211 Queen Street West, Hastings CBD, for sale by deadline private treaty.

Offers on the 4,240sq m freehold property close at 4pm on Tuesday 21 August, unless it is sold prior.

Broker Danny Blair, of Colliers International Hawke’s Bay, says it is an outstanding opportunity to acquire a split-risk investment in a sought-after CBD location.

“Superbly positioned on a high-profile corner site, this attractive commercial property was newly refurbished and seismically strengthened in 2014,” he says.

“The property comprises a ground floor office and retail space that is split into two tenancies, with an additional mezzanine office area and rooftop car parking.

“The larger tenancy is on a long-term lease to national tenant Kiwibank, while the smaller tenancy, which is currently vacant, would suit office or large-format retail tenants.

“The smaller tenancy could also be partitioned into smaller tenancies, or has the potential to be sold separately on a unit title as a solution for owner-occupiers.

“Savvy investors will not want to miss this superb chance to acquire a bankable investment with strong tenant covenant, flexible options and a top Hastings CBD location.”

Blair says the property comprises two freehold titles, which are well-positioned at the corner of Market Street North and Queen Street West.

“Queen Street West is the main vehicle route around Hastings CBD, with activities including both office and retail. Tenants in the vicinity include Bunnings Warehouse, Spotlight and Countdown."

Kiwibank occupies a 2,420sq m tenancy including a retail bank branch on the street front corner of the site. The remainder of the tenancy houses Kiwibank’s national call centre and business hub.

The bank is signed to a nine-year lease returning $435,000 in annual rent, with three-yearly market reviews capped at 10 per cent.

Two rights of renewal of six years each extend the total lease term until December 2035.

The vacant 1,137.5sq m tenancy has the potential to return $220,000 in annual rent, bringing the total assessed rental income to $655,000 a year.

Blair says the building was recently upgraded and strengthened to 80 per cent of new building standards. The superstructure meets 100 per cent of standards.

Extensive refurbishments were also carried out, with a very high standard of fit out throughout.

Excellent fibre optic cable connections are available. The building currently has three separate fibre providers connected – Unison, Chorus and Vodafone.

The main building, which has a floor area of 3,640sq m, is located on a 3,081sq m freehold title at 200 Market Street North.

A sealed car park is located on the adjoining 1,159sq m freehold title at 211 Queen Street West.

The property has 62 car parks, split between the rooftop parking area and the ground-level sealed car park off Queen Street West.

Kiwibank leases 33 car parks, while the remaining 29 are available to the occupier of the vacant tenancy.

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