The Noel Leeming on Duke Street, in the town’s retail and service hub, serves an affluent catchment with a booming population in the Waikato district of Waipa. Open seven days a week, it offers an extensive range of big-brand products spanning smartphones, televisions, laptops, tablets and household and kitchen appliances.
The Noel Leeming Cambridge site generates an annual net rental return of $107,000 plus all outgoings and GST. The current lease runs through to November 2026, with a further four-year right of renewal.
Noel Leeming forms part of NZX-listed the Warehouse Group (TWG). Founded by Sir Stephen Tindall 40 years ago, TWG has evolved from a single The Warehouse store to become one of the country’s largest retailing groups, with $3 billion in sales and more than 12,000 employees.
Noel Leeming is one of TWG’s six core retail brands, alongside The Warehouse, Warehouse Stationery, Torpedo7, 1-day and TheMarket. The group has 260-plus retail stores, plus online stores, distribution centres throughout New Zealand, and overseas sourcing offices in China and India.
The fully leased site housing Noel Leeming at 56 Duke Street, Cambridge, is being marketed for sale by Willem Brown and David Cashmore of Bayleys Hamilton.
It will go under the hammer at an auction on Thursday 13 April, unless it is sold prior.
Brown said the property consisted of a well-presented building on some 1,266 square metres of freehold land.
“The large, modernized building has a net lettable area of approximately 668 square metres, made up of 575 square metres of retail space, plus a mezzanine storage area and amenities. A loading ramp with rear access and significant onsite parking add substantial value to the tenant,” Brown said.
The building has an Initial Evaluation Procedure seismic rating of over 67 percent of new building standard.
“The size and quality of the building, and its strategic commercial location with high exposure to vehicle and foot traffic, will always appeal to large tenants and ensures this site is a great asset for wealth generation,” said Brown.
The property forms part of the Commercial zone under the Waipa district plan. It is surrounded by well-known and established businesses such as The Warehouse, New Zealand Post, ANZ, BNZ, ASB and Westpac banks, PGG Wrightson, and Countdown and New World supermarkets.
Cashmore said the Duke Street site, and the tenant’s business, were well supported by the area’s favourable demographics.
“With an estimated population of around 22,000, an increase of more than 50 percent since the 2006 census, Cambridge is the largest town in the Waipa District, and the third largest urban area in the Waikato after Hamilton and Taupo.
“The population of the wider Waipa District is projected to grow by 27,000 by 2050.
“With an economy underpinned by dairy farming and high-performance sport, along with tourism and the lucrative Cambridge-centred equine industry, the district’s median income is 12 percent higher than the national median,” Cashmore said.