Gore PlaceMakers ‘a base cabinet’ investment property

Gore PlaceMakers ‘a base cabinet’ investment property

Repressed interest for quality commercial property in Otago and Southland has expanded enthusiasm for a PlaceMakers premises that is available to be purchased in Gore.

Check Simpson, executive of Colliers Queenstown, says the reason constructed, vast organization retail and exchange store has excellent investment fundamentals.

It sits upon a 3813sq m site — traversing five-titles abutting the Gore Town Center — the second-biggest town in the Southland.

The property has a settled, recorded national inhabitant that has worked from the area since the 1980s; and it has been considerably extended and reinforced after some time to address the issues of the needs of the tenant and statutory requirements.

The property is to be unloaded at 11am on March 7, except if sold prior, and Simpson anticipates strong interest from both local and national investors.

“Our region’s commercial property market has had limited opportunities of this quality and price range in recent times, making this a great chance to secure a top-notch, bottom-drawer investment,” he says.

“The property had a rateable incentive as at 2016 of $1.7m and was built for PlaceMakers in the 1980s.

“It has since been substantially expanded and strengthened over time to meet both the needs of the tenant and statutory requirements.

“The tenant’s ongoing commitment to the site is backed by a lease earning $108,838 plus GST in net annual rent.

“Three-yearly lease surveys are recorded to the lower of CPI [Consumer Price Index] or market lease, with the following audit due on restoration in October 2021.

“The site, which traverses five freehold titles at 10 Fairfield St and 6 Medway St, is in the centre of Gore’s main commercial district.

“The quality blend of encompassing retailers incorporates The Warehouse, Countdown, Noel Leeming, New World, Regional Ford and Guthrie Bowron,” Simpson says.

The property contains an adaptably designed 1261sq m building giving a 450sq m retail showroom fronting Fairfield St, in addition to an abutting 727sq m warehouse that serves as a bulk trade store, bolstered by a significant secure yard with great vehicle and client get to.

The distribution center has a stud tallness of about 6m, allowing for drive-through truck access from the yard through to Fairfield St.

It incorporates about 84sq m of partitioned offices with a mezzanine floor over that has around 38sq m of storage and a 32sq m office and staffroom.

The completely security-fenced yard of about 2500sq m sits behind the main building, with a facing to Medway Stgiving double passage andexit access, in addition to the drive-through bulk retail exit.

The building was initially constructed in 1982, with mass store and retail augmentations in 2004.

An underlying seismic evaluation in 2013 found the building met 78 percent of new building standards (NBS). Extra fortifying workswere completed by the current owners in 2015.

Occupant Fletcher Distribution Limited, exchanging as PlaceMakers, is the retail arm of Fletcher Building Ltd.

PlaceMakers is New Zealand’s biggest provider of building materials and equipment, with in excess of 74,000 product line and eight manufacturing plants nationwide supplying frames and trusses.

Every one of its 61 stores — situated from Kaitaia to Invercargill — is a joint endeavor with a local business partner. The company employs in excess of 2,100 individuals and serves more than 300,000 clients.

Colliers’ Rory O’Donnell says the property’s Commercial zoning under the Gore District Council District Plan allow for a wide range of activities.

“These include offices, healthcare, education, visitor accommodation, residential, commercial recreation, and car parking.”

O’Donnell says Gore gives an imperative connection in the Southland economy as the second-biggest town in the locale and is a drawcard for some with its mix of culture and legacy, its country setting, and its scope of present day of modern facilities and amenities.

“The township sits on the Mataura River, with most of its population of some 7000 residents living on the Western side of the river. A further 5000 people live in the wider district.”

Gut likewise benefits the encompassing cultivating networks, with the closest real focus being Invercargill 64km toward the Southwest.

“The property provides a very functional base for the tenants, but equally provides flexibility for a future change of use or reconfiguration of the site should the needs arise. This is often hard to find in the regional commercial market,” O’Donnell says.