Lower Hutt property for investment hunters
The Lower Hutt building at 444 Cuba St is exclusively leased by Hutt Valley Hunting & Fishing Ltd. Photo / Supplied
A Lower Hutt building which houses one of New Zealand’s leading outdoor recreational pursuit retail outlets has been placed on the market for sale and is featured in
Bayleys’ latest edition of its Total Property portfolio magazine.
The Hunting & Fishing outlet store in the corner of Cuba and Valentine Sts comprises a 980sq m single storey building on 1295sq m of commercially-zoned freehold land with a combined council valuation of $1.4m.
The property is exclusively tenanted by Hutt Valley Hunting and Fishing Ltd on a six-year lease running through to 2020 with a further four-year right of renewal, generating annual gross rental of $110,058 plus GST.
The land and buildings at 444 Cuba Street are being marketed for sale at auction on May 18 through Bayleys Wellington. Cuba Street is the main arterial route linking Lower Hutt with Petone – generating high volumes of traffic flow.
Commercial salesperson Mark Sherlock says the open-plan retail outlet was constructed in the 1970s and is well known locally due to its high profile and long standing tenant.
“The building was constructed on concrete foundations with concrete block walls, steel framing, and floor-to-ceiling display windows to make the most of its corner location,” he says.
The interior of the building has been renovated to a high standard. Photo / Supplied
“The interior has recently been renovated to create a high stud area with flush lighting installed into the suspended ceiling. An internal stairway provides access to a mezzanine area which is used as a combination of office space, storage area, and staff amenities. A yard area at the rear of the building provides storage, car parking and rear entry to the store for both customers and staff.”
The first Hunting & Fishing store in New Zealand opened in Palmerston North in 1986. The brand now has 37 locations nationwide operating under the Hunting & Fishing umbrella – with the Lower Hutt store operating from its existing site since the mid-1990s.