Bulls building in 'buy 2, get 1 free'

CHRIS HYDE
Last updated 12:00 20/05/2014

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Buy two Four Squares and you'll get the Bulls Four Square building for free.

That's the offer by a Wellington property investor as a way of offloading the building in the Rangitikei town's main street.

The building is being vacated once a new Four Square is built by Wallace Development down the road later in the year.

The property, which has a rateable value of $275,000, is being offered free if an investor buys the other two stores - one in Blagdon, New Plymouth and one in Eltham - for an acceptable price.

Wellington real estate agency Tommy's Commercial proposed the unusual marketing approach to the vendor who himself owns a non-food discount retail business.

Tommy's Commercial general manager Chris Gollins said the client's immediate response was "why not?" He has owned the properties for 12 years.

Gollins said the investments were quite different. The New Plymouth and Eltham stores had solid leases with good trading histories and would appeal as properties to own for the medium to long term.

The Bulls store's future is less certain, with the building of 280 square metres on land of 867sqm up for monthly lease once the new Four Square opens.

The combined rateable values of the New Plymouth and Eltham properties is $885,000. The combined net rental of the two stores is $73,800. The properties are being sold by tender, closing on June 20.

Gollins said the rateable value of the Eltham property was below market value.

"The Eltham Four Square is the busiest shop in the township, located in the centre of the main street directly opposite Stark Park, named after Jack Stark the original Four Square owner and local philanthropist."

Collins said with a cheese factory expansion planned for Eltham, this store's future appeared good.

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- Manawatu Standard

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