Local Warehouse property on market

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Prominent New Zealand discount retailer The Warehouse is selling the freehold of its Queenstown store. 

The store – one of the largest in Frankton’s Remarkables Park Town Centre – is being marketed by Colliers International. 

The 3579sq m store, on an 8700sq m property, will be leased back to The Warehouse for a new 10-year term with rights of renewal. 

The rental, reviewable during the lease term, is $465,270 a year. 

Property general manager Fiona Shilton says The Warehouse is also selling and leasing back two North Island stores and a South Auckland distribution centre so it can reinvest in its core business. 

Earlier this year, Colliers International sold the chain’s Invercargill store, also on leaseback, for $10.8 million. 

Local Colliers International broker Mark Simpson expects the Remarkables Park property will attract strong interest due to the building’s good quality, its location in a prime, growing large-format retail centre and its long lease to a national-listed company. 

The sale is by deadline private treaty with offers closing August 2. 

Based on recent sales, Mountain Scene understands the property could fetch $5m-plus.