Canterbury NZ Post properties for sale
The NZ Post Shop outlet at 31 Bishopdale Court in Bishopdale. Photo / Supplied
Three New Zealand Post properties in Canterbury are for sale — two with commercial tenancies in place providing NZ Post and Kiwibank services, while the Ashburton property is being sold with a lease-back to NZ Post and Kiwibank.
All three properties are being marketed for sale by auction on September 8 through Bayleys Canterbury and feature in Bayleys’ latest Total Property portfolio magazine.
“All three properties are excellent investment opportunities – offering a mix for passive investors, add value investors, owner occupiers and potential for development,” says Bayleys’ salesperson Blair Young.
The properties are in the Christchurch suburbs of Bishopdale and Woolston, and on the main street of the Canterbury township of Ashburton.
1. The NZ Post Shop outlet at 31 Bishopdale Court in Bishopdale features a 309sq m building sitting on 278sq m of freehold land. The premises are leased to retailer, Paper Tree, on a six-year tenancy running through until 2022 and generating a net rental of $62,000 per annum (pa). Paper Tree has five stores in Christchurch and is a highly regarded national retailer of discount art supplies, books and giftware. Paper Tree also operates NZ Posts’ mail and courier services in the area – including 534 post office boxes – along with a limited range of Kiwibank services. The building is located within Bishopdale Mall and has undergone significant refurbishment work in 2016.
The Ashburton Post Shop and Kiwibank branch. Photo / Supplied
2. The NZ Post branch at 713 Ferry Road in Woolston operates within a Discount Dairy premises providing NZ Post mail and courier services. Ferry Rd is one of Christchurch’s main arterial routes in and out of the city. The standalone 320sq m property is located on a high profile 566sq m corner site adjacent to a recently opened New World supermarket. Discount Dairy which has a lease running through until June next year generating a net rental of $37,597pa, with an option for a new six-year lease. Apart from providing NZ Post mail and courier services the contract also includes the management of 590 post office boxes.
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 $23,802pa. With 36 locations operating in the North Island the company has a rapidly expanding South Island network with 12 locations so far. The building has a B-grade rating under the New Build Standards (NBS) classification.
The NZ Post branch at 713 Ferry Road in Woolston. Photo / Supplied
3. Rounding out the portfolio, is an imposing Ashburton Post Shop and Kiwibank branch at 390–422 East Street on the edge of the town’s main commercial hub comprising a 1329sq m building sitting on 994sq m 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 a month-to-month tenancy. The property generates total net rental of $53,457pa but there is potential to lift this rent significantly with the leasing of the some 396sq m vacant area.