CBRE Christchurch
Real Estate Services
- Listing #:
- AKL101462
- Listed:
- 250 days ago
Price by negotiation
Woolworths Covenant with Rental Growth
109 Carnarvon Street, Gisborne, GisborneRetail
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- 3,859m2 Floor Area
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- 1.2 Hectares Land Area
About this property
Woolworths Gisborne is offered to market subject to a fresh leaseback offering two fixed 5% rental increases upon 5th and 10th anniversaries of lease commencement, in addition to turnover performance being 96% of natural turnover rent thresholds in the year ending February 2025.Serving as Gisborne’s only Woolworths supermarket, and the only Woolworths supermarket within a 120km radius, Woolworths Gisborne benefits from an expansive trade catchment. Completed in 2021 and developed on the site of Woolworths’ previous Gisborne store, the asset is at the forefront of Woolworths latest design initiatives and customer orientated services reflected in the assets Merit award at the 2022 RLP Property Awards.
Currently returning an estimated net base rent of $1,698,861 per annum (approx.) on a new 10-year lease. Based on turnover performance in the year ending February 2025, the asset is achieving 96% of its natural turnover rent threshold.
The investment fundamentals of Woolworths Gisborne present highly attractive characteristics. To this accord, we encourage your strong consideration of this investment opportunity.
Woolworths Gisborne is offered for sale by way of a Deadline Private Treaty campaign, closing Thursday 1 May at 4:00pm NZST (unless sold prior).
Woolworths Regent is also available for sale – view the weblisting at www.cbre.co.nz...
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