A pair of shopping blocks housing retail tenancies ranging from a bank and bedding store through to a kebab shop and photography studio have been placed on the market for sale.
The duo of properties is located in the centres of the Waikato townships of Te Aroha and Matamata, and are being marketed for sale consecutively at auction at noon on March 7 through Bayleys Hamilton.
The first property at 149 Whitaker Street in Te Aroha is a character building rated at 100 percent of new building standards, and sitting on 505 square metres of freehold land. Whittaker Street is Te Aroha’s main shopping precinct.
The distinctive property, known as Lovegrove’s Building, has three tenancies stretching across different segments of the retail sector and generating more than $39,000 of rental income annually. The tenancies encompass:
• Bank of New Zealand currently on a lease running through to 2021, with three further three-year rights-of-renewal, generating net annual income of $15,000
• Fast food purveyor Fez Kebab Shop currently on a lease running through to 2021, with two further three-year rights-of-renewal generating annual net income of $15,000 and
• Don Edwards Photography and Te Aroha Jewellers on a lease running through to later this year with three further three-year rights of renewal, generating an annual net income of $9,173.
Bayleys Hamilton salesperson Mike Swanson said Lovegrove’s Building was originally constructed in the 1920s, and was structurally upgraded and re-roofed in 2006 to its current standard. It is located within Matamata-Piako District Council’s heritage character area business zone.
“The ample availability of parking on the main street immediately outside Lovegrove’s Building enables towns like Te Aroha to retain its rural character and appeal. Neighbouring commercial tenancies in Whitaker Street include banks, accountants and solicitors, cafes, and the full gamut of retail outlets utilised by the community on a regular basis. There’s very little need for locals to head out of town to fulfill their day-to-day shopping,” Mr Swanson said.
“The foodservice nature of Fez Kebab Shop’s business enables the shop to operate with tables and chairs on the pavement outside – underpinning the convivial nature of Te Aroha.
“This small-town ambience is further enhanced by the boutique-sized BNZ branch immediately to one side – with its intimate interior space which includes a ‘kids’ zone’.”
The second provincial Waikato property up for sale is located at 41 Waharoa Road East in Matamata, and features a 180 square metre single-storey retail premises on a landholding of the same size which is contained within a ‘big box’ shopping complex.
The building is tenanted by bedroom furniture shop Beds4U, which is on a lease running through to the end of this year, with two further three-year rights-of-renewal, generating annual income of $30,000 plus G.S.T.
Beds4U is a New Zealand owned and operated chain with 10 specialist sites trading across the North Island. Other tenants within the Waharoa Road East complex include low-cost gift and household items retailer Coin Save, The Warehouse, New World supermarket, and Postie Plus.
Mr Swanson said there was shared customer parking for 160 vehicles within the precinct. The tilt-slab building was constructed in 2017 and has a new build standards rating of 100 percent.
“The property enjoys an apex location, which additionally benefits from the high foot traffic numbers drawn into the greater shopping complex by its neighbours on either side – The Warehouse and Coin Save,” he said.
“The modern open plan interior lay-out of the store ensures Beds4U’s extensive stock range is displayed to its best potential.”