A strategically located and prominent site with blue-chip tenant Bunnings in one of the country’s growth regions, presents a rare opportunity for buyers to purchase a property with long-term upside.
7 Fairway Drive in Kerikeri has a land area of 4,389sq m, and the premises includes a 1,544sq m bulk retail warehouse, 125sq m of office space, and a 331sq m garden centre and awning. There are multiple loading docks and ample storage space.
The site also has the advantage of a service lane down the south-eastern boundary and an access way along the south-western boundary.
The property is located on the southern corner of Fairway Drive and Homestead Road and offers multiple access points with plenty of parking for customers, while it is only 3.3km north-east of State Highway 10, which is the main traffic route north.
Bunnings recently renewed their lease for a term of four years, and they have two further rights of renewal for four-years with a final expiry in July 2033.
Bunnings is Australia and New Zealand's leading retailer of home improvement and outdoor living products, and a major supplier to project builders, commercial tradespeople, and the housing industry. Revenue across the 2020 financial year totalled $14.9 billion.
Colliers has been jointly appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday 24 August, unless sold prior.
Matt Prentice, Industrial Sales and Leasing Director at Colliers, says the opportunity to acquire a property with a strong tenant covenant is one not to be missed.
“Fairway Drive is part of the Kerikeri retail area one-way roading system, which channels a high volume of traffic past this location,” Prentice says.
“The combination of a highly accessible site and a nationally recognised tenant with enticing lease terms, makes this a must-see listing.
“The property is in the heart of the town's CBD, which itself has become the centre for the Far North region. The Far North District Council is in Kerikeri, alongside key government agencies and many of the business services for the region like engineers, surveyors, and accountants.”
Nigel Ingham, Director of Colliers Whangārei, says the site provides long-term security for buyers, whilst also offering development potential for the future.
“The property is zoned Commercial under the Far North District Plan, which allows the development of the site and building to suit a diverse range of uses, including large box retail, office, hospitality, or accommodation. It is likely that future approval would be given for a multi-story development in this location.
“The complex was built in 1980 and has had a number of additions during the past 30 years having served multiple purposes. The site is modern with mezzanine offices and amenities with high-quality workmanship throughout.
“There are two air conditioning units, an air ventilation unit to the bulk retail area, and fire sprinklers throughout the retail and office amenity areas.
“Kerikeri is the centre of the Far North region, one of the country’s high growth areas, and is a popular location for many returning ex-pats or retirees. The beaches, sub-tropical climate and laidback lifestyle will continue to attract new arrivals to the town, which is only a 50-minute flight from Auckland.”
