Many Henderson locals who like to work custom sticker printing in NZ or stationery are familiar with the local Warehouse Stationery’s store, a local establishment that’s been around for quite some time. Now the familiar property is up for grabs, set to be put under the hammer.
Colliers International is already marketing the property, located at Unit H 111 Lincoln Rd, set to be auctioned on a Tuesday, May 8, unless it is purchased prior to that date. Sales Agent Shoneet Chand says that the property is on a good location, situated in a prominent corner of the Lincoln Centre area and its bustling retail developments.
Chand says that the Warehouse Stationery store has been a landmark in the area for 2 decades, which has made it one of the most established retailers in the Lincoln Rd. area, which she says is one of the most sough after areas for retailers in West Auckland.
The neighbours surrounding Warehouse Stationery include other big NZ brands like The Warehouse, Harvey Normal, Nood and Spotlight. The property is currently under offer with a seven-year leas contract, which will earn $173,733 net in annual rent. Warehouse Stationery was the tenant of the 1139m2 unit since 1998, with the current lease set to expire at March of 2024, after which there will be two rights of renewals at three year intervals. The final expiry of the lease is set at March 2030.
Also part of the lease terms are 5% fixed rent increases, with reviews to take place at 2021, 2025 and 2029, plus Consumer Price Index rent reviews at 2019, 2023, and 2027.
Agent Josh Coburn says that the unit has a lot of potential flexibility; noting its roller doors, positioned to allow the space to be split into two tenancies, potentially allowing for split-risk income streams.
Warehouse Stationery is a big name in New Zealand’s retail stationery market, known for supplying office and school products, as well as technology and supplies for printing endeavours such as custom sticker printing in NZ, with competitive business to business services also available. The company has been growing since its first store in Wairau Park, Glenfield, with annual sales growth figures consistently surpassing industry averages.