The modern freehold property sits in a commanding position at the busy intersection of Vanguard and Gloucester streets in an area that has become a focal point for large retail. It is fully leased to anchor tenant Lightingplus, along with locally owned and operated cycle retailer Bike Station.
The property generates total net rental income of $139,096 plus all outgoings and GST per annum.
Established in 1993, Lightingplus is a leading New Zealand-owned retailer of lighting and lamps. It has around 30 stores throughout the country and distribution centres in Auckland and Christchurch.
Lighting Plus Limited pays net annual rent of $77,432 plus outgoings and GST for its approximately 281 square metres Vanguard Street outlet. The current lease runs through to 2024 with two further four-year rights of renewal.
Family-owned business the Bike Station was established in 2016. It caters to mountain bikers, competitors and families with a full range of bikes, accessories and workshop services, plus a customer café.
The business occupies some 264 square metres on a current lease extending to 2025 with two further four-year rights of renewal. It pays net rent of $61,663 plus outgoings and GST per annum.
Both lease agreements include built-in market rent reviews and lease renewals.
The property at 54 Vanguard Street, Nelson, is now being marketed for sale by way of a deadline sale closing on Tuesday 19 April (unless sold prior), through Bayleys Nelson.
Salesperson Gill Ireland said the offering consisted of a modern single-storey building of approximately 546 square metres on some 1,114 square metres of freehold land with 14 car parks.
“The tenancies are housed in an attractive, quality building which has been refurbished and maintained to a high standard with amazing tenant fitouts.
“The property was rebuilt from existing portals in 2016 complete with new roofing. This provides high structural integrity with a Grade A Initial Evaluation Procedure seismic rating of 87 percent of new building standard.
“Tenant businesses benefit from a commanding elevated position at a busy roundabout with buckets of exposure to traffic on Gloucester Street and the arterial route of Vanguard Street,” said Ireland.
Drive-through access from Gloucester Street and plenty of on-site parking creates great ease of access for tenants and clients, she said.
The Vanguard Street site sits within Nelson City Council’s Inner City – Fringe zone, which covers the commercial area more or less surrounding the city centre, on the outer side of the ring road.
This provides for diverse activities, including supermarkets, large site retailing and wholesaling, along with offices and some service industries.
“The Vanguard Street property is perfectly positioned in the larger format retail area that attracts vehicle-based customers from across the Nelson area.
“It sits diagonally across the roundabout from a New World supermarket and directly opposite a row of retail and food outlets, while just down the road is the recently completed large retail precinct,” Ireland said.
Other big-brand retailers in the area include Briscoes, Rebel Sport, Godfreys, Repco, Countdown and Pizza Hut.