Whanganui Chronicle
  • Whanganui Chronicle home
  • Latest news
  • Sport
  • Business
  • Opinion
  • Lifestyle
  • Property
  • Death notices
  • Classifieds

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • On The Up
  • Sport
  • Business
  • Opinion
  • Lifestyle
  • Property
    • All Property
    • Residential property listings
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology

Locations

  • Taranaki
  • National Park
  • Whakapapa
  • Ohakune
  • Raetihi
  • Taihape
  • Marton
  • Feilding
  • Palmerston North

Media

  • Video
  • Photo galleries
  • Today's Paper - E-Editions
  • Photo sales
  • Classifieds

Weather

  • New Plymouth
  • Whanganui
  • Palmertson North
  • Levin

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Whanganui Chronicle

Retail stores up for sales

By John Maslin
Whanganui Chronicle·
11 Oct, 2016 05:35 AM2 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

The new Farmers building and associated retail stores in Whanganui are on the market. Photo/Suppplied.

The new Farmers building and associated retail stores in Whanganui are on the market. Photo/Suppplied.

The near-new Farmers department store and its neighbouring retail stores in central Whanganui is up for sale.

Owner, property developer CJ Efstratiou, has handed the marketing over to an international real estate company and expressions of interest are open until the end of this month.
T
he biggest shop in the new
Victoria Retail Centre, Farmers has a floor area of 5500 sq m on two levels linked by escalators. It has 78 car parks and it one of 55 Farmers stores across the country

The currently empty retail stores fronting Victoria Ave which share the same carpark are also part of the sale.

he Farmers store opened in February last year and has a 25-year lease on its building.

John Binning, a spokesman for the marketing agency, said the car park is also included in the sale.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Mr Binning said the lease is returning $200 p sq m and brings in more than $1.1 million annually. That lease expires in 2040.

He said there is 1180 sq m of speciality retail space in the shops facing the Avenue and these could be split into various tenancies to suit.

"This space is currently vacant but there are several interested parties in negotiations. Consequently, the vendor is prepared to grant an 18-month rental guarantee," he said.

Advertisement
Advertise with NZME.

"These premises have the potential to bring in $383,500 annually, bringing the total income for the portfolio up to about $1.48 million annually."

And Mr Binning said there was also potential to increase income by letting individual carparks out, as neighbouring carparks have all been let at $300 per month each.

"Wanganui is seeing a two-tier retail leasing market with newer well-located premises obtaining a significant premium, compared to older space. Recent reviews of the Whitcoulls and ANZ premises in Wanganui have seen significant increases, confirming Victoria Avenue rentals can go as high as $450 to $500 per sq m.

"The fact is this is a brand new building meaning the new owner can expect minimal capital outlay on maintenance."

Discover more

Major Whanganui building owner bows out, sells up

21 Nov 05:50 PM
Save

    Share this article

Latest from Whanganui Chronicle

Whanganui Chronicle

Kāinga Ora needs to be ‘responsive to need’, says minister

04 Jul 06:00 PM
Whanganui Chronicle

Work begins on key phase of port project

04 Jul 06:00 PM
Whanganui Chronicle

Pop star to speak on new book at Whanganui Literary Fest

04 Jul 04:57 PM

There’s more to Hawai‘i than beaches and buffets – here’s how to see it differently

sponsored
Advertisement
Advertise with NZME.

Latest from Whanganui Chronicle

Kāinga Ora needs to be ‘responsive to need’, says minister

Kāinga Ora needs to be ‘responsive to need’, says minister

04 Jul 06:00 PM

'We want to take a very detailed specific look at what Whanganui needs' – Chris Bishop.

Work begins on key phase of port project

Work begins on key phase of port project

04 Jul 06:00 PM
Pop star to speak on new book at Whanganui Literary Fest

Pop star to speak on new book at Whanganui Literary Fest

04 Jul 04:57 PM
Premium
Gardening: Pruning deciduous fruit trees and roses

Gardening: Pruning deciduous fruit trees and roses

04 Jul 04:00 PM
From early mornings to easy living
sponsored

From early mornings to easy living

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • Whanganui Chronicle e-edition
  • Manage your print subscription
  • Manage your digital subscription
  • Subscribe to Herald Premium
  • Subscribe to the Whanganui Chronicle
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • Whanganui Chronicle
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • NZME Events
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • © Copyright 2025 NZME Publishing Limited
TOP