Hastings

ID NC67677

Ten year anchor tenant

• WALT of 5 years, 7 months
• NBS 75%
• Diversity of Income (6 tenants)
• 26 Car Parks
• CBD Location
• Significant rental growth opportunity

114-122 Heretaunga Street East presents a very rare opportunity to secure a multi tenanted investment in Hasting's central city. Investments of this calibre and prime location are usually very tightly held, so this investment offering is not to be missed! The property is split into six (6) tenancy areas and is occupied by quality long standing tenants. The combined net passing rent is currently $126,249 pa + GST and OPEX. There is significant rental growth available.
The property comprises of quality new fit-outs in most tenancies, functional space and onsite car parking. The property lies within the heart of the central city amongst a high growth area, comprising of key nearby landmarks such as the clock tower, the Cinema, a host of National tenants and is home to the Thursday night markets. The property has easy access egress from either Queen Street E or Karamu Road N. The general area is undergoing significant enhancement both private and council initiatives; $7.1M (circa) of street enhancements, with many exciting developments planned or currently underway within close proximity.
In 2017 and 2018 the property has had a considerable amount of money spent on refurbishment and has also been structurally upgraded to a minimum of 75% of the New Building Standard. Full documentation is available upon request.

Contact the sole agent to discuss this opportunity further or to arrange an inspection.
For sale by Tender, 11am Tuesday 9th April 2019 at Property Brokers Hastings (unless sold prior).
Features
Area | 1280.00m2Land | 1515 m2LV | 440,000RV | 1,090,000
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M  021 326 956  P  06 281 3709

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