244 Heretaunga Street West, Hastings, Hastings

Prime Hastings CBD - Investment Opportunity

The property comprises a modern, two storey, department store situated on a large freehold site with three street frontages. This provides the property with an extremely high profile, particularly to the Corner of Heretaunga Street East and King Street. This corner features the TSB Bank tenancy with the balance of the substantial 6,689sqm tenancy being occupied by Farmers Department Store.

• Tenanted investment currently returning an estimated $1,470,000 plus GST net per annum
• Anchored by an 11-year lease term remaining to national tenant The Farmers Trading Company Limited with further rights of renewal, together with a TSB Bank branch
• Modern, two level retail premises with a total NLA of 6,689sqm
• Grade A NBS Rating
• Substantial freehold land holding of approximately 3,839sqm
• Premium Hastings location in the heart of the CBD

The current building was largely constructed in 2011/12 with part of the former facade of the Roach's Building retained.

The property commands a strong street presence with near full height glazing to the main road frontages. Internally the property presents very well with the two retail levels linked by escalators up and down and two lifts. In addition to this, the retail premises are services by amenities, offices, lunchroom facilities and back of house storage areas.

Farmers lease nine carparks on the site with ample public carparking available on the street fronting the property and at the rear.

The property is located in the heart of the Hastings retail precinct and has a high profile corner location with ample parking surrounding the building. The '200' block of retail is known traditionally for its high foot traffic count and attracts national retail brands such as EB Games, Spec Savers, T&T and Whitcoulls to name a few.

Properties of this scale rarely make it to the market in Hawkes Bay, with many similar properties being tightly held. Overall this is a prime Hastings CBD retail offering. Call today for further information.