Thorndon furniture store on the market

Last updated 09:06 12/02/2013
Thorndon Quay
SCALING BACK: The Parker Ferguson building in Thorndon Quay is up for tender.

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Long-established Wellington furniture retailer Parker Ferguson could be downsizing or moving from its Thorndon store.

Millie Retailing, which operates the business, is selling its large shop at 282 Thorndon Quay. It has traded from the site since 1990.

Bayleys agent Mark Walker, who is handling the sale, said the property was being sold with vacant possession, although Parker Ferguson may remain on a monthly tenancy following settlement, at a monthly rental of $11,500.

"In this changing retail environment, Parker Ferguson no longer require the entire floor space that this two-level, 1300 square metre building offers.

"They could viably operate from just one level, freeing up the remaining space for an owner-occupier.

"The property has been assessed as having a potential net income of $246,000 per annum if fully leased."

The shop has a 22m frontage on Thorndon Quay. It has a 597sqm high-stud ground floor and the first floor has a lettable area of 729sqm, made up of showroom, offices and toilets.

It has a goods lift, and six covered car parks at the front which could make way for an extension of the ground-floor showroom.

Walker said it was on the eastern side of Thorndon Quay, and other businesses in the area included Bo Concept, Corso de Fiori, Lewis's, Wellington Beds, Beds R Us, Guthrie Bowron, Kitchen Elements, Glengarry Wines, Freedom Furniture and Lighting Direct.

While the area was known as a home and living retail strip, the property could have a range of other uses. It was on a major arterial road close to the CBD gateway and it was a good location for businesses wishing to be on the city fringe.

The property has a 2012 rating value of $2.9 million. Tenders close on March 6.

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- The Dominion Post


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