Scoop has an Ethical Paywall
Warehouse retail site offers buyers chance to add value
Warehouse retail site offers buyers chance to add value
The land and building housing Waipapa branch of
The Warehouse have been placed on the market for sale.
The 4,496sqm standalone building at 8 Klinac Lane was purpose-built for the national retailer in the early 2000s.
It sits on 14,016sqm of land in Wapapa’s main retail precinct, off State Highway 10, and generates a net rental income of $405,991.49 a year.
Bayleys Auckland and Bayleys Kerikeri are jointly marketing the property for sale by deadline private treaty, with offers being taken until 4pm on December 7.
Bayleys Auckland sales agent Peter Gorton says The Warehouse has occupied the property since 2004 and in August it commenced a new six-year lease, with two three-year rights of renewal.
The high stud building follows The Warehouse’s standard open plan retail format, and includes a garden centre, administrative offices, and loading and unloading facilities, as well as ample customer parking.
“Left alone, the property would provide potential buyers a solid long-term income. However, there are opportunities to add more value and develop the property further, with a portion of the landholding lying vacant,” Mr Gorton says.
The Warehouse Waipapa is a 10-minute drive from the centre of Kerikeri and draws customers from the wider Bay of Islands area as well as the Far North district.
The area has seen a resurgence in big box retail. Mitre 10 recently bought 9,000sqm within the Klinac Lane loop, west of The Warehouse, for what would be its first outlet in the region since selling its store in Kerikeri to Bunnings in 2012.
The retail precinct is also home to several other leading national retail brands and businesses, including Noel Leeming, Carters, Stirling Sports and Farmlands.
The Waipapa 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 Stationary and Torpedo 7
– employ approximately 12,000
people.
Bayleys Real Estate
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
Earthquake Commission: Ivan Skinner Award Winner Inspired By Real-life Earthquake Experience
Reserve Bank: Consultation Opens On A Digital Currency For New Zealand
NIWA: Ship Anchors May Cause Extensive And Long-lasting Damage To The Seafloor, According To New Research
New Zealand Customs Service: A Step Forward For Simpler Trade Between New Zealand And Singapore
Horizon Research: 68% Say Make Banks Offer Fraud Protection
NZ Banking Association: Banks Seek Government Support For Anti-Scam Centre
