Central Otago Commercial Building – National Branded Tenant

This is an opportunity to acquire a high quality commercial investment property in the growth region of Central Otago. Occupied by the established Central Otago Mitre 10 business on a long term lease, the property is centrally located with direct access off Centennial Avenue, the main arterial route through Alexandra.

Comprising a total site area of 3022sqm (more or less) in 3 titles, with 2 main buildings providing a flexible configuration of trade storage, first floor offices, ground floor retail and garden centre with a total lettable area of 1452sqm (more or less). The site layout provides drive through access between buildings and good car parking servicing both the trade and retail aspects of the business. The balance of the site has a formed concrete block and galvanized steel fence to provide separation between the customer drive-thru, timber storage and parking areas.

The main bulk retail building was constructed in the 1990’s and is in good condition with an engineer’s assessment of 100% of NBS for seismic purposes. The adjoining storage building was built circa 1980’s sharing a party wall with the adjoining property on a unit title. This has been assessed at 70% of NBS for seismic purposes.

The property has an underlying zone of Business Resource area under the Central Otago District Plan, the property comes backed by a ten-year lease with fixed rental growth and dual access off both Centennial Ave and Shannon Street, Alexandra. Alexandra is located on the banks of the Clutha River, on State Highway 8, approximately 188km from Dunedin and 33km south of Cromwell. It is the service centre for a significant horticultural, viticulture and agri business sectors.

The premises are currently tenanted by Central Otago Energy Centre Ltd, trading as Mitre 10, which has played a significant role in New Zealand’s home improvement culture since 1974. As the country’s largest home improvement and garden retailer, Mitre 10 continues to grow in both market share and number of stores. The Central Otago Mitre 10 is owned and operated by locals who have had an association with the business for a long period of time.

The property is being offered For Sale by Deadline Private Treaty closing 12 August 2021 (unless sold prior).

To take advantage of this exclusive opportunity or to arrange an inspection, contact Rory O’Donnell and Mark Simpson of Colliers Otago.

Location: Alexandra

Addresses: 28 - 34 Centennial Avenue

and 21 Shannon Street

Sale: By deadline private treaty, closing Thursday, August 12, at 4pm (unless sold prior) at Colliers,

Top Floor, 10 Athol Street, Queenstown

Size: 1452sqm (floor), 3022sqm (land) Agents: Rory O’Donnell and

Mark Simpson of Otago Realty, a member of Colliers International Group

Tel: Rory 027 445 3982 and

Mark 027 490 639

Email: rory.odonnell@colliers.com and

mark.simpson@colliers.com Website: colliers.co.nz #67015170