May 19, 2022

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Investor Eyes On The Bay As Top Whakatane Retail Hub Goes Up For Sale


Just one of the major commercial websites in Whakatane’s CBD
housing a retail hub anchored by a leading New Zealand household furniture
and residence appliance retailer has absent up for
sale.

The house for sale at
249 The Strand is a landmark existence on Whakatane’s key
retail strip. Anchored by a huge Smiths City outlet, along
with a clutch of other massive-manufacturer tenants, it draws in
consumers from across Whakatane and encompassing regions in the
Eastern Bay of A lot.

The Smiths Town retail outlet, additionally
Repco and Furniture Zone shops, a Robert Harris café and
a leading neighborhood accountancy business, shell out merged web lease of
$603,443.99 furthermore outgoings and GST for each annum.

The
residence at 249 The Strand, Whakatane, is now getting promoted
for sale by tender closing on Friday 3 December, by way of
Bayleys Whakatane.

Salesperson Larissa Reid explained the
setting up of about 5,354 sq. metres sat on a internet site
of some 8,166 sq. metres throughout two leasehold titles,
creating it the 2nd-most important enterprise-zoned web-site in the
town’s CBD.

“The scale of this offering, alongside
with the excellent of its tenants and its spot in the
industrial coronary heart of town will ensure purchaser curiosity from
very well beyond Whakatane.

“This will be 1 of the
largest industrial residence product sales Whakatane has viewed in
the latest several years. With several recognized countrywide tenants in
spot this will be witnessed as a nationally significant passive
financial investment option for buyers trying to find an eye-catching
yield.

“Commercial home buyers anyplace will
see this as a exceptional opportunity to commit in a sizeable
asset in regional New Zealand,” Reid explained.

The internet site
for sale enjoys remarkable publicity to car and foot
website traffic in the town centre, with twin frontages to the most important
retail strip on The Strand as well as Richardson
Avenue.

Further access is furnished by a assistance lane
on the western aspect of the home and tenant companies
are supported by plentiful on-website car or truck parking.

Angle
parking is also available on both equally sides of Richardson Street
and The Strand.

“Originally developed in 1971, with
additional enhancements and refurbishments about the a long time, and
significant extensions in 2003/04, the retail premises for sale
are immaculately presented and supply a welcoming setting
for consumers and clients,” Reid reported.

Launched in
Christchurch above a century in the past, Smiths Town these days has 23
suppliers across New Zealand stocking foremost brand names of
home furniture, household appliances, beds, whiteware, Tv and
audio.

Smiths Town Whakatane occupies some 3,188
sq. metres at floor amount, in addition a even further 177 sq.
metres of completely-lined mezzanine space. It pays internet once-a-year
rent of $350,000 furthermore outgoings and GST on a lease that operates
as a result of to 2027, with two further six-12 months rights of
renewal. Rent will increase to $375,000 in 2023 for a calendar year, and
then be topic to annual CPI raises capped at two
percent.

Information of other tenancies
involve:

  • New Zealand’s largest parts and car or truck
    accessories retailer, Repco, leases some 546 square metres
    of floor-flooring space plus 41 square metres of mezzanine
    storage higher than workplaces and team facilities. Its tenancy
    generates internet rental money of $98,800 as well as outgoings and
    GST for every annum on a lease extending to 2026, with a more
    3-calendar year appropriate of renewal.
  • Furnishings Zone, which
    has retail household furniture shops all more than the North Island, pays
    $53,189 furthermore outgoings and GST per annum for its shop
    comprising 224 sq. metres at floor amount, in addition a
    73-sq. metre thoroughly-lined mezzanine flooring. Its recent
    lease operates via to 2022, with two additional a few-12 months
    rights of renewal.
  • Aim Chartered Accountants lease
    491 sq. metres of to start with-ground office accommodation. The
    firm pays internet annual rent of $87,679 as well as outgoings and GST
    on a current lease expiring in 2026, with two additional
    6-calendar year rights of renewal.
  • Nationwide café chain
    Robert Harris’ 166-square metre outlet generates internet
    rental cash flow of $40,376 moreover outgoings and GST for every annum.
    Its current lease extends to 2027, with two additional 6-yr
    rights of renewal.

Reid claimed The Strand site’s
current uses ended up permitted activities beneath its commercial
zoning in the town’s company centre, below
Whakatane’s district approach.

The property’s
nationally substantial financial investment attractiveness would be even further
bolstered by expanding recognition of the town’s
attractiveness as a position to invest and do enterprise, she
reported.

“With a inhabitants of about 20,000, Whakatane
is the important town and services and administrative hub for the
Eastern Bay of Plenty. It is properly linked with great
air, rail and highway one-way links, and lies within 100 kilometres of
Rotorua and Tauranga and in simple access of about 50 % of New
Zealand’s populace.

“Whakatane lies in the coronary heart
of a assorted and buoyant regional economy, with strengths in
tourism, dairy, forestry and horticulture,” Reid
said.

Click listed here for additional
information on the
listing.

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