Hardware property in Thames to go under the hammer
One of the biggest commercial properties in the heart of Thames will be auctioned next month.
The 2836 square metre site Pollen St is leased to high profile home building supplies and garden equipment retailer Mitre 10 under multiple individual leasing terms.
The configuration of the property faces directly onto Thames' main street but with substantial land and buildings at the rear of the site off Mackay St to the rear.
Mitre 10's retail division occupies the bulk of the store, flowing through to its outdoor garden centre and a sizeable bulk storage warehouse at the rear next to the building supplies outlet.
It has three leases on the property, generating income of $127,500.
Computer technology sales and service firm Home IT Solutions leases the upper floor above Mitre 10 – paying $19,500 in annual rental. Home IT Solutions' commercial premises is accessible through the store.
Two of the leases are running through to 2019, with the longer two leases to Mitre 10 running through to 2021.
All the leases have further rights of renewal clauses of between two and six years, along with regular rental reviews linked to the consumer price index (CPI).
The freehold land and buildings are being jointly marketed for sale at auction on May 18 through Bayleys Hamilton and Bayleys Whitianga.
The Pollen St-fronting building has recently undergone earthquake strengthening to bring it to more than 67 percent of new building standards, while the single storey building at the rear has an initial evaluation process rating of 100 per cent.