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CHRISTCHURCH

Large-format retail for sale in Blenheim with long-term tenant

Mitre 10 Mega building has 15-year lease in place


 

 

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Mitre10 Blenheim_web.jpgJLL is marketing a large-format retail investment in Blenheim, with a 15-year lease in place to Mitre 10. It is being marketed by Chris Harding and John Binning of JLL. 

“Mitre 10 has been a household name in New Zealand since 1974 and is part of New Zealand’s home improvement culture,” Binning says. 

“The property at 174-186 Alabama Road is a 9,986sqm building which was constructed in 2007 on an 18,608sqm site. It is a Mitre 10 Mega store which includes a café and garden centre with more than 200 carparks.”

“The current 15-year lease commenced in 2007,” Harding says. “There are three rights of renewal of five years, with final expiry in November 2037. Rent reviews are every three years and the current net rental is $1.080 million per annum, plus GST and operating expenses.

“The property is 2km from the city centre and is surrounded by residential developments to the west, rural lifestyle blocks to the east and farm land to the north,” Harding says.  

Blenheim is the commercial centre of the Marlborough District, located 30 minutes from Picton on State Highway 1. At the 2013 Census, the population of the Marlborough District was 43,416 people, with 2,706 of those living in Blenheim Central. 

Blenheim recently gained a business association, which is working with the council to develop the Blenheim Town Centre. Marlborough District Council has a long-term growth strategy for Blenheim and is focused on constantly improving the town centre. 

“Marlborough is known not only as an excellent winemaking region of international standing, but also for its balmy climate,” Harding says.

According to Niwa’s climate database, Blenheim was the sunniest spot in New Zealand in 2015, with 2814 hours of sunshine. 

The New Zealand Winegrowers association says it is Marlborough’s climate and soil that make it such a good place to produce wine. It has long periods of hot, dry days with cooler nights and a long, dry autumn. Montana’s first commercial grape plantings in Marlborough were in 1973. The region now produces 77% of New Zealand’s wine, from 22,907 hectares of land – the majority of which is planted with Sauvignon Blanc grapes. 

“This property will suit an investor who wants a long-term investment with a secure, passive income stream,” Binning says. 

The property is for sale by private treaty.