Substantial retail property on the market in a growing location
Nelson’s strong investment fundamentals are under the spotlight as a substantial, strategically located retail property is offered to the market with a long lease to an international tenant.
Spotlight Nelson occupies a commanding corner site at the gateway between the fast-growing city’s CBD and the popular residential area of Washington Valley.
The 6,768sq m landholding at 2 Hastings Street is on a long-term lease to well-known retailer Spotlight, returning some $550,000 in net annual rent. More than 12 years remain on the current term.
Low site coverage of only 36 per cent allows for future expansion or redevelopment, while generous Inner City Fringe zoning enables higher density development of up to 12m in height.
Colliers International has been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday, 1 May, unless sold prior.
Geoff Faulkner, Managing Broker at Colliers Nelson, says the region’s impressive market fundamentals underline the property’s desirability as an investment.
“Nelson’s strong economic growth and abundant lifestyle opportunities have contributed to a sustained, demand-driven surge in commercial property investment and development.
“This is underpinned by strong residential growth and the economic success of our tourism, horticulture, forestry and fishery sectors.”
Peter Herdson, Capital Markets Director at Colliers International, says Nelson is among the South Island’s most desirable locations and attracts strong migration from New Zealand and offshore.
“The region’s steady growth has bestowed Nelson with some of the best investment fundamentals in the country, and hence we expect strong interest.”
The property is within an established retail precinct that is popular with national tenants including The Warehouse and Countdown.
It comprises a 2,466sq m large-format retail building, constructed in the 2000s, on a freehold site with plentiful sealed, on-grade car parking.
Access is via a wide entrance on Hastings Street, opposite Pioneers Park.
The gently sloping site sits at the corner of Hastings Street and St Vincent Street, directly opposite The Warehouse.
Hastings Street is one of the main arterials between Nelson’s CBD and the popular, growing residential area of Washington Valley.
Tenant Spotlight is an international retailer specialising in homewares, fabric and craft goods.
Founded in Melbourne in 1973, the company now has stores across Australia, New Zealand and Asia employing more than 6,700 people.
Get the latest commercial real estate insights and property news.
Looking for commercial real estate? Try our property search or connect with expert commercial real estate agents today.
Need your real estate assessed? Work with our expert property valuation services team.
Looking to develop your career in property? Learn about careers at Colliers.