One of the largest retail and commercial blocks in Tauranga’s Mt Maunganui has been placed on the market for the first time in almost 40 years. Thames' Mitre 10 is also up for sale.
The building sits at a comfortable 1802 square metres along with 2849 metres of commercially-zoned freehold land.
The land and two buildings stretching from 260 – 272 Maunganui Road contain eight separate tenancies on two titles and have a combined current rating valuation of $5,785,000.
Lynn Bradley, main sales person of the site, 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 + GST 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 have advised they have had 100 percent occupancy,” Bradley said.
Mt Maunganui is one of the most populated parts of Tauranga, with the small region making up 20 percent of the whole population.
Both buildings within the block were constructed in the late 1970s, with further extensions and renovations in the early 2000s.
It has been marketed for sale through Bayleys Tauranga and tender closes May 11.
However, the Mt Maunganui site isn’t the only large complex up for sale.
One of the biggest commercial properties in the heart of the Coromandel township of Thames has been placed on the market for sale as well.
The majority of the 2836 square metre site at 458 Pollen Street and 204 – 206 Sealey Street in the middle of town is leased to high profile home building supplies and garden equipment retailer Mitre 10 under multiple individual leasing terms.
The building is now up for sale, and has been fitted with earthquake strengthening renovations to bring it up to building standards.