88 Saint Hill Street

Whanganui, New Zealand

Settlement date:

20 June 2019

Initial return:

7.75%

Investor equity:

184 interests of $50,000

Scheme type:

Wholesale Scheme

Status:

Fully subscribed

The Property is a stand-alone department store that was completed for Farmers in 2015. The two-level department store comprises approximately 5,661m² over the ground and first floors on a 5,986m² freehold site. The Property is situated in a prime inner-city location with dual street frontages to Saint Hill Street and Maria Place with direct walkway access to Victoria Avenue – Whanganui’s main retail street.

armers have been trading in Whanganui for many years prior to their occupation of the Property and were previously located in an older store on Victoria Avenue. Farmers are therefore familiar with the Whanganui demographic and the sales that the wider catchment can generate for their department store. Farmers is New Zealand’s largest fashion department store with 58 stores from Kaitaia to Invercargill. Founded in 1909 as “Laidlaw Leeds”, the company was sold to Farmers Union members in 1910 and was renamed Farmers Union Trading Co (Auckland) Ltd in 1916. Ten years later the company was renamed The Farmers’ Trading Company Limited and has been operating as such for the past 92 years. The Farmers department store is an iconic New Zealand brand and specialises in family fashion, beauty, homewares, furniture, electronics, large appliances and whiteware.