One of the most eclectic and varied blocks of retail premises in the Waikato has been placed on the market for sale.
The three shops in Putaruru’s main street feature one of the town’s few independent bakeries, alongside an ‘upcycling’ women’s’-wear boutique, and flanked by a shop showcasing a veritable treasure trove of retro’ Kiwiana collectibles. In addition, the property also contains a three-bedroom home behind the shops.
Located at 84 – 86 Tirau Street, part of the State Highway One network, the freehold commercially-zoned Putaruru property is being marketed for sale at auction on December 15 by Bayleys Hamilton.
Salesperson Jason Kong said that with nearly 35-years on the site between them, Ma Bakers bakery and Putaruru Variety collectibles shop had become cornerstones of the township’s retail community.
“The block has an outstanding 37-metre wide profile onto one of the busiest provincial roads in the New Zealand, and as a result, its tenants enjoy both high volumes of foot traffic and vehicular traffic,” Mr Kong said.
“The retail attraction of these premises is enhanced by the expanse of customer parking to the side, and a wide boardwalk-style pavement under a continuous portico out the front. All of the retail tenancies have access to the rear of their shops via a shared access route - enabling easy drop off and pick-up of stock away from the busy main front road.”
Combined, the three retail tenancies and one residential tenancy within the Tirau Street block generate annual gross rental income of $58,036 + GST, consisting of:
• Bakery operator L & Y Bakers Ltd, trading as Ma Bakers, currently on an eight-year lease running through until 2024 with one further eight-year right of renewal
• Women’s’ clothing and fashion accessory boutique Frock Work Orange currently on a three-year lease running through until 2020 with three further two-year rights of renewal
• Knick-knack and second-hand household goods retailer Putaruru Variety, currently on a three-year lease running through to 2020 with three further two-year rights of renewal and
• The three-bedroom residence with double garage which is leased to the operators of Ma Bakers on a rolling tenancy with no fixed tenancy.
Mr Kong said the 529 square metre single-storey building was constructed in the late 1960s, and sat on 1,360 square metres of land. Neighbouring retail tenancies piggy-backing off the route’s high traffic numbers include Countdown, PGG Wrightson and Z-energy.
“The Ma Bakers tenancy has been fitted out with a full commercial kitchen – including walk-in chiller unit and stainless-steel food preparation area, while the open-plan Frock Work Orange with its cathedral ceiling and wooden beams has been fitted out with an enticing glass frontage and changing rooms. All three retail tenancies have their own individual staff bathroom amenities,” Mr Kong said.
Mr Kong said that subject to South Waikato District Council approval, the block had the potential to substantially increase its revenues by hosting billboard and advertising collateral above the existing retail premises.
“Currently there is just a small advertising hoarding on the roofline - promoting Ma Bakers. However, the length and prominence of the block facing onto State Highway One could sustain more advertising of generic consumer and corporate brands,” he said.
“With the Tirau Street property sitting at the northern entry point to Putaruru, it’s one of the first commercial entities to be seen by motorists coming into the central business district.”
As a rural services town, Putaruru is located relatively equi-distant between the cities of Hamilton, Tauranga and Rotorua. It is generally regarded as the ‘smaller brother’ of nearby Tirau - which has transformed itself from a similar rural services township to now being a coffee-stop/antiques and collectibles destination for motorists driving between Auckland and Rotorua, and Auckland and Taupo.