One of the biggest commercial buildings in Nelson’s central business district has been placed on the market for sale.
The two-storey freehold building at 68 – 80 Bridge Street houses electronics and appliance retailer Noel Leeming and gymnasium operator MiGym – generating a combined annual rental income of $412,057 + GST. The 2,741 square metre building sits on 1,452 square metres of land.
The prominent central city building was constructed in the 1980s, and underwent a substantial redevelopment in the 1990s for high street retailer H & J Smith which wanted to create a ‘flagship’ store in its South Island operations. H&J Smith moved out of the premises in 2003.
The building is being marketed for sale by Bayleys Nelson through a tender process closing on November 18. Bayleys Nelson salesperson Tony Vining said the property had a ratable value of $4.73million – comprising $3.1million for the building and $1.63 million for the land, which is zoned commercial inner-city.
“The legacy created for H&J Smith at 68 – 80 Bridge Street remains – with an impressive glass panel frontage with a towering second floor atrium. Inside are large attractive flor spaces on each level with high ceilings that accentuate the building’s airiness,” Mr Vining said.
“A vaulted upper floor with 10 metre ceiling has highlight windows which let through vast amounts of light. On the street frontage, the unique architectural features are angled glass panels complete with a terrace looking out above the city and to the hills on the horizon.
“A glass-fronted lift connects the property’s two levels, along with a wide, sweeping staircase at the front and a second set of stairs at the rear.”
Noel Leeming currently has a six-year lease on 1,451 square metres of floor space in the building. The lease expires in 2020 and comes with four further four-year rights of renewal and annual rent reviews linked to the Consumer Price Index.
Meanwhile, MiGym currently has a six-year lease on 1,116 square metres of space in the building. The lease expires in 2018 and comes with four further three-year rights of renewal and current rent reviews linked to the Consumer Price Index.
Mr Vining said the property had a dual street frontage to maximise shopper foot traffic, as well as warehousing space and access for goods vehicles and additional staff access off Buxton Lane. There were multiple toilet and bathroom facilities on both levels, with a modern lighting and security system.
MiGym is one of only a few 24-hour fitness facilities in the Nelson CBD – with free childcare as well as both steam and sauna rooms. A food and beverage operation operates from the gym’s lower level.
Mr Vining said the internal structural configuration of the Bridge Street investment property mean that while the premises was successfully functioning in its current format with two separate tenancies, it could just as easily be converted back into a single department store or further subdivided into smaller units.