77 Evans Street, Timaru, Timaru

Freehold investment with long lease

Bayleys Canterbury is pleased to bring to the market an outstanding investment opportunity, with the security of a long lease term with big box retailers.

Key features:
• Returning a net income of $400,000pa + GST and outgoings
• Just under 12 years remaining on the lease
• Current tenant Briscoes, with lease expiring 31 October 2024
• Incoming tenant Smiths City, with lease commencing 1 November 2024 with a ten year lease
• 90% NBS

The property is sold with just under two years remaining with Briscoes, expiring 31 October 2024. The incoming tenant Smiths City has committed to a new ten year lease commencing 1 November 2024. This is a fantastic top drawer investment opportunity. The owners are committed to a sale.

Built in 1985 on 3,315sqm (more or less) of commercial zoned land, originally as a supermarket, it is ideally set up as a retail destination.

Sitting on prime street frontage along State Highway 1, the main arterial through Timaru City, with heavy traffic flow and an ideal location to attract shoppers in a highly visible site. There is ample parking as well as easy flow for delivery and trade vehicles. Nearby amenities and complementary businesses include fast food chains, a large Pak n Save supermarket and other smaller retailers. This site is also well positioned between the Timaru CBD and large retail developments under construction.

This offers a sound investment in the strong South Canterbury economy. Please contact the sole agents for further information or follow this link to view the property files https://www.propertyfiles.co.nz/5519870.