Electronics Giant’s Landmark CBD Store Premises Up For Sale

One of Nelson’s most prominent CBD retail premises, fully leased to Noel Leeming and a popular commercial gym, has been put up for sale.

The large, modern two-level premises for sale enjoys wide street frontage at 68-80 Bridge Street, with additional access for customers and delivery from a large Nelson City Council carpark at the rear.

The building’s two established, high-profile tenancies generate combined net rental income of $438,920 plus outgoings and GST per annum.

Some 1,315 square metres of prominent ground-floor retail and storage space is occupied by Noel Leeming Group Limited.

Noel Leeming is New Zealand’s leading multi-channel retailer of consumer electronics and appliances, serving both retail and commercial customers. Since opening its first store in Christchurch in 1973, it has grown into a chain with 76 outlets nationwide plus a busy online store. Since 2012 Noel Leeming has been owned by NZX-listed The Warehouse Group, New Zealand’s largest retail group.

Mi Gym Nelson Limited occupies approximately 1,108 square metres on level one, where it operates a busy 24-hour commercial gymnasium with group fitness, personal training and Nelson’s only steam sauna.

Both tenants’ leases incorporate annual CPI rental increases, replaced by market reviews at lease renewals.

The property at 68-80 Bridge Street, Nelson, is now being marketed for sale by way of private treaty at $8,200,000 plus GST (if any), through Bayleys Nelson Tasman.

Salesperson Gill Ireland said the property consisted of an architecturally designed building of some 2,741 square metres on a freehold site of approximately 1,452 square metres.

“This substantial, two-story commercial building was redeveloped in the 1990s to produce a contemporary property which is one of the highest-quality large buildings in Nelson’s CBD,” said Ms Ireland.

The building has a glass panel frontage with a second-floor atrium. A glass-fronted lift connects to the second floor, which has 10-metre-high ceilings.

Both the ground and first-floor tenancies have dual street access, to Bridge Street at the front and Buxton car park at the rear.

“In addition to its two high-profile tenants, there is a lease with Nelson City Council for air space rights for the upper floor of approximately 25 square metres over

Bridge Street at the front of the property and Buxton car park at the rear,” Ms Ireland said.

The property at 68-80 Bridge Street has an A+ grade seismic rating of 100 percent of new building standard and the site is zoned Commercial Inner City – Centre by Nelson District Council.

“The property’s ideal location in Nelson’s central CBD places it within walking distance of Nelson City Council, cinemas, supermarkets, bars, cafes, restaurants, public transport and further amenities,” said Ms Ireland.

“Nelson is fast-growing with limited, increasingly expensive land combined with a lack of available modern, sizeable buildings. Nelson’s central CBD commercial buildings are closely guarded and seldom come to market.”

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