The land and buildings jointly housing both a gourmet pizza shop and an art studio in the Waikato township of Ngatea have been placed on the market for sale.
The premises at 38 Orchard Road West comprises two retail sites - Ngatea Pizza, and The Gallery - attached at the rear to a one-bedroom flat. The site is zoned commercial 8A under the Hauraki District Council plan.
Constructed in the 1990s and holding an A-grade seismic rating equating to 90 percent of new building standards, the single-storey brick structure has a substantial carpark yard behind it - with space for eight vehicles, and additional guest or customer car parking immediately in front.
The 220 square metre building sitting on some 961 square metres of freehold land has been placed on the market for sale by negotiation through Bayleys Hamilton. Salespeople Josh Smith and Daniel Keane said the pizza outlet/art gallery/residential flat structure was located on the front of the property facing onto Ngatea’s main street - leaving plenty of scope for further commercial development at the rear of the site.
Orchard Road West is also known as State Highway 2 – linking Auckland with the Bay of Plenty. The land and buildings at 38 Orchard Road West generate annual income equating to $25,910 plus GST and operating expenses.
Ngatea Pizza has the master lease on the square-shaped premises through to 2021 with two further three-year rights of renewal – occupying the foodservice portion of the retail frontage and the flat at the rear, and sub-letting floor space to the art gallery.
Mr Smith said the property – located immediately beside the Ngatea Hotel - would appeal to multiple buyer sectors depending on their long-term vision for the land and building.
“With tenants in place, the property would appeal to passive investors. The empty space at the rear of the shops would also appeal to a developer with a specific project in mind for the town. Or alternatively, the building with its split foodservice and retail spaces, could appeal to an owner-occupier looking for space in the longer-term,” he said.
Situated in the Hauraki Plains, Ngatea is a well-established rural services town sustaining stereotypical retail and community services premises – ranging from doctors and lawyer’s chambers through to a pub, farm machinery sales firm, supermarket, and cafes.
Ngatea’s catchment population area spreads from Te Kauwhata in the west, across to Kopu in the north-east and Paeroa in the south-east.