Hastings' new Carl's Jr fast food outlet, Godfrey's vacuum cleaner shop, Dick Smith Electronics store and Vodafone shop are on the market.
Colliers Hawke's Bay has also listed a retail complex in Taradale tenanted by liquor store chain The Mill, Deano's restaurant and bar and Glenns Pharmacy, which are being promoted as attractive to new investors in the property market.
Many of the properties will be auctioned in Napier on March 14.
The Carl's Jr outlet is being sold on a leaseback deal by Restaurant Brands. The company is paying a net rent of $164,000 a year, and holds a 12-year lease with rights of renewal for up to 28 years beyond that. The property is on a 2027-square metre site on the corner of Heretaunga St West and Nelson St, and includes 26 parking spaces.
Colliers Hawke's Bay sales manager Eion Carty said it was an opportunity for investors to acquire a premium-quality investment offering a solid long- term income.
Assuming that an investor was looking for a yield of around 8 per cent, the property could fetch $2 million, he said.
The 286sqm Godfreys shop and 82sqm Vodafone store are on the corner fronting the K-Mart Plaza car park.
Godfreys has a 10-year lease running from December 2006 and is paying a net annual rent of $88,000, while Vodafone has a six-year lease from April 2013 and is paying a net annual rent of $27,000.
The adjacent 385sqm Dick Smith store is returning a net annual rent of $98,000. The retailer has a six-year lease from January 2013, with a right of renewal for a further six years.
Carty said these properties were part of the retail complex built in 2006 when Kmart Plaza was expanded. They were being sold by Aristotle Holdings, a company operated by local investor Peter Kirk.
"This area has been experiencing continued growth and expansion with the recent additions of St Pierre's sushi, Pita Pit and The Baby Factory.
"The lease arrangements are all long-term, with Dick Smith's having annual CPI growth. Both buildings have very strong seismic ratings and are ideal long- term secure investments."
Glenns Pharmacy has been operating from its Taradale premises for 12 years. The building was recently extended, and the business has a lease returning $47,700 per year. It had a 2011 rating value of $625,000.
The Mill liquor store is owned by Independent Liquor, and its adjoining Deano's Bar & Grill are returning a combined annual rental income of $118,500.
The property has 840sqm of buildings, parking for 22 cars and a rating value of $2m.
Agent Dan Walker said it was a highly desirable property with a great street frontage and high traffic volumes.
- The Dominion Post
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