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.

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