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Johnsonville retail offering a rare opportunity

Thursday 21 October 2010, 7:06PM

By Bayleys

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A prime Johnsonville retail premises with a mix of Government, national and local tenants is up for tender
A prime Johnsonville retail premises with a mix of Government, national and local tenants is up for tender Credit: Bayleys

WELLINGTON CITY

A prime Johnsonville retail premises with a mix of Government, national and local tenants is up for tender presenting an eagerly-awaited opportunity for buyers to secure a chunk of property on the main thoroughfare through Johnsonville.

Mark Hourigan and Mark Sherlock of Bayleys Wellington are not surprised at the level of early interest in the property on Johnsonville Road with the distinctive Pumpkin Patch  frontage given the dearth of commercial stock that comes to the market in this popular suburb.

“The majority of prime retail space in Johnsonville is owned by DNZ Property Fund who have gained consent to redevelop the Johnsonville Mall with a proposed 100 shops and multi-level parking complex,” says Mr Hourigan.

“This privately-owned property is a good example of a manageable retail development that has proved popular with tenants since being purpose-built in the late 1990s on the former Mitre 10 site.”

Each of the seven retail tenancies has its own entry and is well-fitted out for individual tenants’ requirements.

WINZ has had a presence in the building since 1999 and has the largest slice of the total 1930.63sq m lettable space. Other established tenants - Pumpkin Patch, Queue Café, Tulsi Restaurant, Pizza Hut, St Vincent de Paul and Civic Video – have spaces ranging from 132.90sq m to 355sq m and several have personal lease guarantees.

The net rental on the property is $592, 957 with varying lease terms and rights of renewal, with the Pumpkin Patch lease through until 2015 with a further 5-year right of renewal and Tulsi’s personally-guaranteed lease through until 2014 with four, three-year rights of renewal beyond.

“This is a high-profile, well-maintained property with a lot in its favour – including 32 on- site car parks which ups the convenience factor for customers. The big players are well- represented in Johnsonville with Subway, National Bank, Kiwibank and McDonalds all within close proximity to this property,” says Mr Hourigan.

Tenders close on 3 November with Bayleys Wellington.