109 Devon Street West, New Plymouth, Taranaki

Presenting a compelling opportunity to secure a high-profile commercial asset in the heart of the thriving West End Precinct of New Plymouth’s CBD.   The property is 100% leased to five established tenants, anchored by ASB Bank and the Ministry of Justice representing approximately 60% of total rental income.  Generating a net annual rental of $436,421 plus GST with a weighted average lease duration of over 3.5 years following several recent lease renewals and extensions, providing investors with a diversified and reliable income stream. Long-term commitments have recently been secured with key tenants including Hippie Slang which has recently entered into a new 8 year lease with further rights of renewal.   The 1,485 sqm site is improved by a mixed-use commercial building with a high quality mix of retail and office space, providing modern fitouts with a seismic rating of 75% NBS plus 20 on-site car parks.   Strategically located with three frontages in the centre of a highly sought-after pocket of the CBD. Surrounded by a dynamic mix of retail, hospitality, and professional services, and supported by a loyal local customer base, this property represents an outstanding opportunity to secure a well-positioned asset in a sought-after growth location.   For sale by way of Negotiation.   For more information or to arrange an inspection contact: Benet Carroll

021 028 94537 benet.carroll@collierswgtn.co.nz

Please note: all floor areas are approximated only. 

Features:

• Net Annual Rental: $436,421 + GST
• Seismic Rating of 75% NBS
• Approx. 60% leased to ASB Bank Ltd and Ministry of Justice
• Built-in annual rental increases
• Robust and diversified tenant mix
• New 8 year lease to Hippie Slang Ltd
• Prime corner location in popular West-End of CBD
• 20 on-site car parks

More information: https://www.colliers.co.nz/p-NZL67039654