{"id":201,"date":"2019-11-04T00:53:00","date_gmt":"2019-11-04T00:53:00","guid":{"rendered":"https:\/\/silverfin.nz\/?p=201"},"modified":"2023-01-05T02:54:36","modified_gmt":"2023-01-05T02:54:36","slug":"the-warehouse-new-plymouth-offered-for-syndication","status":"publish","type":"post","link":"https:\/\/silverfin.nz\/the-warehouse-new-plymouth-offered-for-syndication\/","title":{"rendered":"The Warehouse New Plymouth offered for syndication"},"content":{"rendered":"[et_pb_section admin_label=”section”]\n\t\t\t[et_pb_row admin_label=”row”]\n\t\t\t\t[et_pb_column type=”4_4″][et_pb_text admin_label=”Text”]\n

One Roof, November 2019<\/strong><\/em><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

An opportunity to invest in a high-yielding regional property tenanted by national retail brand The Warehouse is being offered to investors through a new proportional ownership syndication scheme.<\/p>\n\n\n\n

The Warehouse New Plymouth is a 5,904sq m bulk retail store within a larger unit-titled retail development at 67 Courtenay Street, New Plymouth.<\/p>\n\n\n\n

The property is strategically positioned at the heart of the main centre of Taranaki, which has the second-highest per capita GDP of any region in New Zealand.<\/p>\n\n\n\n

Features include the use of 207 car parks under separate New Plymouth District Council ownership, a high NBS seismic rating of 135 per cent, and dual street frontages to two of New Plymouth\u2019s main arterials.<\/p>\n\n\n\n

Silverfin Capital Limited is offering investors an opportunity to acquire a share of the beneficial interest in Unit 10, 67 Courtenay Street, New Plymouth, through a proportionate ownership scheme.<\/p>\n\n\n\n

The 67 Courtenay Street Scheme comprises 156 investment parcels of $50,000 each.<\/p>\n\n\n\n

Investors are expected to earn an annual pre-tax cash return of 7.75 per cent, projected to 31 March 2021, with dividends to be paid monthly.<\/p>\n\n\n\n

Silverfin has appointed Colliers International\u2019s Syndications team to market interests in the scheme.<\/p>\n\n\n\n

Charlie Oscroft, Syndications Director at Colliers, says it is an opportunity to for investors to capitalise on a high-performing asset in one of New Zealand\u2019s strongest regional economies.<\/p>\n\n\n\n

\u201cThe property represents a premium retail investment backed by one of New Zealand\u2019s most iconic homegrown brands.<\/p>\n\n\n\n

\u201cIt is fully leased to The Warehouse Limited on a 12-year term to October 2026, with three rights of renewal of three years each.<\/p>\n\n\n\n

\u201cThe lease returns $882,750 plus GST in net annual rent, with reviews every three years to the greater of CPI or market rental.<\/p>\n\n\n\n

\u201cThe property was purpose-built for The Warehouse, along with the wider retail centre, by a company related to The Warehouse. It was completed in 2000 and underwent a significant $1.2 million refurbishment in 2013.<\/p>\n\n\n\n

\u201cOverall, the property makes for a very compelling investment proposition thanks to the quality of the building, strong rental returns, exceptional tenant covenant and superb location.\u201d<\/p>\n\n\n\n

The stratum in freehold property sits on a regular shaped site with 72m of frontage to Courtenay Street and 102m to Devon Street.<\/p>\n\n\n\n

Both streets are major retail destinations and key thoroughfares through New Plymouth\u2019s CBD, providing the property with a substantial pedestrian presence and huge exposure.<\/p>\n\n\n\n

The Warehouse sits opposite a New World supermarket on Courtenay Street and an Event Cinemas complex on Devon Street, as well as numerous commercial office premises.<\/p>\n\n\n\n

It is 200m north of Pak\u2019n Save and 400m east of New Plymouth\u2019s main shopping centre, \u2018Centre City\u2019.<\/p>\n\n\n\n

The Warehouse site slopes down from Courtenay Street towards Devon Street, allowing for an undercroft parking area with 168 car parks. An additional 39 on-grade car parks front Courtenay Street. The car parks are on separate titles owned by New Plymouth District Council and can be used by both customers and the public.<\/p>\n\n\n\n

The building has a generic \u2018bulk retail\u2019 layout with checkouts at the front of the store and the main retail area, offices and staff amenities behind. It is serviced by a loading dock accessed via a right of way over a neighbouring site.<\/p>\n\n\n\n

The purchase price for the property is $13 million, reflecting a 6.8 per cent yield. The purchase price is supported by a recent market valuation from JLL of $13.25 million.<\/p>\n\n\n\n

The Warehouse has one other store in New Plymouth, some 7km northeast in Bell Block. Its main competitor, Kmart, is not yet established in New Plymouth.<\/p>\n\n\n\n

The Warehouse Limited is a subsidiary of the Warehouse Group, which is an NZX-listed company and the largest retail group in New Zealand, with more than 240 retail locations employing over 12,000 people nationwide.<\/p>\n\n\n\n

The company generated group sales of $3.1 billion in the last financial year, up 2.6 per cent on the previous year, with an 18 per cent increase in online sales.<\/p>\n\n\n\n

Silverfin is a leading player in the New Zealand property syndication and management market, with more than $388 million of commercial property assets under management.<\/p>\n\n\n\n

The 67 Courtenay Street Scheme is limited to wholesale and eligible investors only. It has no fixed term but can be terminated by an investor-passed resolution. The offer closes at 5pm on 13 December 2019. Silverfin reserves the right to close the offer earlier if fully subscribed, extend or withdraw the offer.<\/p>\n[\/et_pb_text][\/et_pb_column]\n\t\t\t[\/et_pb_row]\n\t\t[\/et_pb_section]","protected":false},"excerpt":{"rendered":"

One Roof, November 2019 An opportunity to invest in a high-yielding regional property tenanted by national retail brand The Warehouse is being offered to investors through a new proportional ownership syndication scheme. The Warehouse New Plymouth is a 5,904sq m bulk retail store within a larger unit-titled retail development at 67 Courtenay Street, New Plymouth. […]<\/p>\n","protected":false},"author":4,"featured_media":4897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"\n

One Roof, November 2019<\/strong><\/em><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

An opportunity to invest in a high-yielding regional property tenanted by national retail brand The Warehouse is being offered to investors through a new proportional ownership syndication scheme.<\/p>\n\n\n\n

The Warehouse New Plymouth is a 5,904sq m bulk retail store within a larger unit-titled retail development at 67 Courtenay Street, New Plymouth.<\/p>\n\n\n\n

The property is strategically positioned at the heart of the main centre of Taranaki, which has the second-highest per capita GDP of any region in New Zealand.<\/p>\n\n\n\n

Features include the use of 207 car parks under separate New Plymouth District Council ownership, a high NBS seismic rating of 135 per cent, and dual street frontages to two of New Plymouth\u2019s main arterials.<\/p>\n\n\n\n

Silverfin Capital Limited is offering investors an opportunity to acquire a share of the beneficial interest in Unit 10, 67 Courtenay Street, New Plymouth, through a proportionate ownership scheme.<\/p>\n\n\n\n

The 67 Courtenay Street Scheme comprises 156 investment parcels of $50,000 each.<\/p>\n\n\n\n

Investors are expected to earn an annual pre-tax cash return of 7.75 per cent, projected to 31 March 2021, with dividends to be paid monthly.<\/p>\n\n\n\n

Silverfin has appointed Colliers International\u2019s Syndications team to market interests in the scheme.<\/p>\n\n\n\n

Charlie Oscroft, Syndications Director at Colliers, says it is an opportunity to for investors to capitalise on a high-performing asset in one of New Zealand\u2019s strongest regional economies.<\/p>\n\n\n\n

\u201cThe property represents a premium retail investment backed by one of New Zealand\u2019s most iconic homegrown brands.<\/p>\n\n\n\n

\u201cIt is fully leased to The Warehouse Limited on a 12-year term to October 2026, with three rights of renewal of three years each.<\/p>\n\n\n\n

\u201cThe lease returns $882,750 plus GST in net annual rent, with reviews every three years to the greater of CPI or market rental.<\/p>\n\n\n\n

\u201cThe property was purpose-built for The Warehouse, along with the wider retail centre, by a company related to The Warehouse. It was completed in 2000 and underwent a significant $1.2 million refurbishment in 2013.<\/p>\n\n\n\n

\u201cOverall, the property makes for a very compelling investment proposition thanks to the quality of the building, strong rental returns, exceptional tenant covenant and superb location.\u201d<\/p>\n\n\n\n

The stratum in freehold property sits on a regular shaped site with 72m of frontage to Courtenay Street and 102m to Devon Street.<\/p>\n\n\n\n

Both streets are major retail destinations and key thoroughfares through New Plymouth\u2019s CBD, providing the property with a substantial pedestrian presence and huge exposure.<\/p>\n\n\n\n

The Warehouse sits opposite a New World supermarket on Courtenay Street and an Event Cinemas complex on Devon Street, as well as numerous commercial office premises.<\/p>\n\n\n\n

It is 200m north of Pak\u2019n Save and 400m east of New Plymouth\u2019s main shopping centre, \u2018Centre City\u2019.<\/p>\n\n\n\n

The Warehouse site slopes down from Courtenay Street towards Devon Street, allowing for an undercroft parking area with 168 car parks. An additional 39 on-grade car parks front Courtenay Street. The car parks are on separate titles owned by New Plymouth District Council and can be used by both customers and the public.<\/p>\n\n\n\n

The building has a generic \u2018bulk retail\u2019 layout with checkouts at the front of the store and the main retail area, offices and staff amenities behind. It is serviced by a loading dock accessed via a right of way over a neighbouring site.<\/p>\n\n\n\n

The purchase price for the property is $13 million, reflecting a 6.8 per cent yield. The purchase price is supported by a recent market valuation from JLL of $13.25 million.<\/p>\n\n\n\n

The Warehouse has one other store in New Plymouth, some 7km northeast in Bell Block. Its main competitor, Kmart, is not yet established in New Plymouth.<\/p>\n\n\n\n

The Warehouse Limited is a subsidiary of the Warehouse Group, which is an NZX-listed company and the largest retail group in New Zealand, with more than 240 retail locations employing over 12,000 people nationwide.<\/p>\n\n\n\n

The company generated group sales of $3.1 billion in the last financial year, up 2.6 per cent on the previous year, with an 18 per cent increase in online sales.<\/p>\n\n\n\n

Silverfin is a leading player in the New Zealand property syndication and management market, with more than $388 million of commercial property assets under management.<\/p>\n\n\n\n

The 67 Courtenay Street Scheme is limited to wholesale and eligible investors only. It has no fixed term but can be terminated by an investor-passed resolution. The offer closes at 5pm on 13 December 2019. Silverfin reserves the right to close the offer earlier if fully subscribed, extend or withdraw the offer.<\/p>\n","_et_gb_content_width":"","footnotes":""},"categories":[16,7],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/silverfin.nz\/wp-json\/wp\/v2\/posts\/201"}],"collection":[{"href":"https:\/\/silverfin.nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/silverfin.nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/silverfin.nz\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/silverfin.nz\/wp-json\/wp\/v2\/comments?post=201"}],"version-history":[{"count":2,"href":"https:\/\/silverfin.nz\/wp-json\/wp\/v2\/posts\/201\/revisions"}],"predecessor-version":[{"id":6145,"href":"https:\/\/silverfin.nz\/wp-json\/wp\/v2\/posts\/201\/revisions\/6145"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/silverfin.nz\/wp-json\/wp\/v2\/media\/4897"}],"wp:attachment":[{"href":"https:\/\/silverfin.nz\/wp-json\/wp\/v2\/media?parent=201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/silverfin.nz\/wp-json\/wp\/v2\/categories?post=201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/silverfin.nz\/wp-json\/wp\/v2\/tags?post=201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}