NZ Post quits more properties in Canterbury

NZ Post's Bishopdale outlet.
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NZ Post's Bishopdale outlet.

New Zealand Post is continuing its sell down of its properties with three more coming to market in Canterbury.

Two have commercial tenancies which provide NZ Post and Kiwibank services, while the Ashburton property is being sold with a lease back to NZ Post and Kiwibank.

The properties are in the Christchurch suburbs of Bishopdale, Woolston, and on the main street of Ashburton.

A Woolston NZ Post property is on the market.
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A Woolston NZ Post property is on the market.

The refurbished NZ Post shop at 31 Bishopdale Court in Bishopdale Mall features a 309-square metre building on 278sqm of freehold land.

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The premises is leased to retailer Paper Tree on a six-year tenancy running through until 2022 and generating a net rental of $62,000 a year.

The Ashburton NZ Post shop.
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The Ashburton NZ Post shop.

Paper Tree sells discount art supplies, books and giftware, and operates NZ Post's mail and courier services in the area, plus a limited range of Kiwibank services.

The NZ Post branch at 713 Ferry Rd in Woolston operates within the Discount Dairy premises providing NZ Post mail and courier services. The standalone 320sqm property is on a 566sqm corner site next to the recently opened New World supermarket.

Discount Dairy has a lease running until June 2018 generating net annual rental of $37,597, with an option for a new six-year lease.

Liquid Laundromat, a self-service laundromat, occupies the remainder of the premises and is on a six-year lease expiring in 2022 and generating a net rental of $23,802 a year.

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The Ashburton Post Shop and Kiwibank branch at 390-422 East St, on the edge of the town's main commercial hub, is a 1329sqm building sitting on 994sqm of freehold land.

NZ Post is offering a three-year lease from the settlement date of any purchase – with advertising and marketing design firm JFM Creative, and Robin Arnst Art School both leasing part of the upper level of the Ashburton premises on month-to-month tenancies.

The property generates net rental of $53,457 a year per with potential to lift the rent significantly with the leasing of the 396sqm vacant area.

The three properties are being marketed for sale by auction on September 8 through Bayleys Canterbury.

 - Stuff

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