Adventists look to sell retail 'gem'
A small modern retail building right in the heart of Lambton Quay has been put up for sale by the Seventh-day Adventist Church.
The ground floor shop at 254 Lambton Quay is tenanted by Just Group's Peter Alexander nightwear store, and Precinct Property (formerly the AMP office) recently took a 10-year lease on the upper floor, which is sublet to a florist and hairdressing salon.
The upstairs tenancies are linked to Capital on the Quay, which provides direct access to The Terrace, 256 Lambton Quay and the Whitcoulls store.
Colliers agent Rosemary Bradford described it as an investment gem, a small, well- leased property in the heart of Lambton Quay and in a price range that could appeal to family trusts or private investors.
"With investors increasingly attracted to tangible investments this is a very appealing offering. Quality tenants, good leases, superb location, modern building, high seismic rating and very attractive price range."
It was returning a net annual income of about $280,000. The ground-floor lease has provision for rent to rise 4 per cent a year.
Tenders for the property, which has a 2012 rating value of $4.4 million, close on March 13. The property failed to sell when it was put up for sale in 2009.
The Dominion Post