EziBuy has an initial 10-year lease on the building from last year, with a further 10-year right of renewal taking the potential tenancy out to 2032.
The lease generates annual rental of $552,948 a year plus GST.
Annual rent reviews are linked to the consumer price index while being capped and collared between 1 and 3 per cent.
The premises is built of concrete slab panels, with aluminium joinery and a Colorsteel roof. Four defined zones operate within the building:
Retail store, which consists of changing rooms, customer toilets, manager's office, mail order room, stock room and staff facilities.
Administrative offices featuring an IT room, 12 offices, large meeting room, an open plan communal office space, small staffroom and sample room.
Call centre containing three offices, large operations room, training room, accounts office and mail room.
Common areas and amenities including a large staffroom with kitchen, men's and women's toilets, first aid room and computer support room.
"From a large-scale investment perspective, the John F Kennedy Drive property seems to tick the four pre-eminent requirements for commercial investors," Houlker says.
"This is an aesthetically attractive building, in an excellent location, with a major reputable tenant on a long lease with built-in annual rental grown."
The building has asphalt sealed car parking for 100 vehicles, with landscaped garden areas of shrubs and small trees. The rear service entry and staff amenity areas are security fenced.
EziBuy this year celebrated 35 years of retail success. The company opened its first store in Palmerston North in 1978 and expanded to Australia in 1992.
It now receives more than 480,000 orders every month and is the largest fashion and home decor multi-channel retailer in Australasia.
"With an annual turnover running into hundreds of millions of dollars, more than 800 staff, and a strong database of active customers, EziBuy is regarded as a hugely successful and progressive direct marketing business," Houlker says.
"The company mails more than 23 million catalogues to Australasian customers each year, and more than 15,000 items are dispatched daily to customers on both sides of the Tasman."
This year EziBuy won two highly acclaimed marketing accolades. Its success saw it clinch the inaugural Keith Norris Award for NZ Direct Marketing Organisation of the Year at the 2013 NZ Direct Marketing Awards, and being named one of the Top 10 International e-Commerce sites by Australian magazine Inside Retail.
Cameron says that with the Palmerston North City Council planning to release more city fringe land for development, the Fair Acres Industrial Estate was set to benefit from a new era of commercial and retail building growth.
"Businesses like to be surrounded with growth and activity and there will certainly be plenty of that emanating around Fair Acres for quite some years to come," he says. "This activity will underpin existing land values, while the breadth of new businesses coming into the locality, particularly those with a bulk retail focus, will support the area as a mixed-use shopping destination."
