One of the biggest retail and commercial blocks in Mount Maunganui is for sale.
The 1802 square metres of buildings sit on 2849 sqm of commercially-zoned freehold land, and are being marketed for sale by tender through Bayleys Tauranga salespeople Brendon Bradley and Lynn Bradley, closing on May 11.
Bradley said the offering presented: “a rare once in a lifetime opportunity” for investors or developers to secure a large block of the Mount Maunganui CBD where land holdings of this size were seldom brought to the market.
The land and two buildings stretching from 260 – 272 Maunganui Rd contain eight separate tenancies on two titles and have a combined current rating valuation of $5,785,000.
Positioned at the southern end of the Mount Maunganui shopping centre the property sits on a high profile corner site with two road frontages to Maunganui Rd and Nikau Crescent.
Bradley said the property was multi tenanted with a strong mix of both national and local tenants offering an excellent split risk investment that was currently returning an annual net rental of $252,302 from eight leases, that had strong rental growth potential.
“The Mount retail village with its beach to boutique shopping culture is a retail precinct where tenancy demand constantly exceeds supply.
“The current owners have owned the property for 37 years and over this long tenure of ownership they have had 100 percent occupancy” she said.
The pair of single level multi-unit retail shopping blocks provide 65 metres of street frontage Maunganui Rd – the main arterial route in and out of the Mount Town Centre – together with 27 metres of frontage to Nikau Crescent opposite the lush, Coronation Park used by craft markets or people relaxing under the trees on a hot summer’s day.
Connecting the buildings is a 56sqm canopy that provides cover for pedestrian access from Mount Maunganui Rd to space at the rear of the site that provides free car parking for up to 42 vehicles.
Both buildings within the block were constructed in the late 1970s, with further extensions and renovations in the early 2000s. Built of reinforced concrete floors and foundations, concrete block walls, aluminum joinery and long run roofing, both structures have been assessed with a C-grade seismic rating.
Bradley said that as the retail and commercial hub of the mount pushed further south toward the residential part of the peninsula, the area would begin to see an increasing number of commercially-residentially orientated properties.