A retail premises in the heart of one of New Zealand’s premier cycle trail and antique and collectibles shopping destinations has been placed on the market for sale.
The property at 48 Belmont Road in the rural Waikato township of Paeroa is a retail site of 210 square metres sitting on 281 square metres of freehold land.
The unit is currently tenanted by the $1 $2 $3 Awesome shop which sells an incredible array of gifts, knick-knacks, kitchen and bathroom utensils, cards, and party supplies.
The $1 $2 $3 Awesome shop tenant is currently trading on a two-year lease expiring in 2018 with one further two-year right-of-renewal. The property generates a rental return of $18,000 + GST per annum, and is neighboured by a conventional dairy on one side and a Kiwibank and New Zealand Post branch on the other.
The freehold land and building at 48 Belmont Street is being marketed for sale at auction on November 9 through Bayleys Hamilton.
Belmont Road is part the main road running through Paeroa, State Highway 2, which links the township with the Bay of Plenty to the east and Auckland to the north-west. The property is zoned commercial 8A.
Bayleys Hamilton salesperson Josh Smith said Paeroa’s general economy had prospered over the past two decades – firstly off the back of building its reputation for antique and collectible shops trading along the spine of Belmont Road, and more latterly from the phenomenal growth of the Hauraki Rail Trail.
“Paeroa has come a long way since the days when the only reason tourists would stop in town was to grab a photograph with the giant Lemon and Paeroa bottle,” Mr Smith said.
“In the 2000s Paeroa began taking on its nearby rural neighbour of Tirau as the arts and collectibles destination of the Waikato but over the ensuing years has slowly but surely pulled ahead in that competition.
“There are now some 20 antique and collectible shops in Paeroa township, with such quaint names as Granvilles and Arkwrights – both featuring in the classic BBC Comedy Open All Hours – along with aptly named Yesterday and Today, Pandora’s Closet and Junk and Disorderly.
“However, it was the opening of the hugely popular Hauraki Rail Trail in 2012 which has taken the town’s appeal to a whole new level. Paeroa township sits at the pivotal apex of the trail – connecting the northern Thames route with the eastern Waihi leg, and the Southern Te Aroha stretch. It literally is the hub of the spoke network.
“Many businesses operators are calling this Paeroa’s ‘second gold rush boom period’ in reference to when the rich seams within the Karangahake Gorge were yielding huge amounts of gold in the late 1800s. Only this boom is far more sustainable and environmentally-friendly.”
Paeroa sits virtually in the middle of the regional ‘Golden Triangle’ – with Auckland some 109 kilometres away, Hamilton 71 kilometres away, and Tauranga 78 kilometres away.
The $1 $2 $3 Awesome shop has a full width street frontage – with double opening doors - allowing for a unobstructed display of stock to passing foot traffic. While the majority of floorspace within the high-stud premises is used for showcasing wares on shelving and aisle racks, the rear of the shop contains a small administrative office area and staff toilet. A separate storage area with external access is also situated at the rear of the premises.
The building’s upper façade features a mezzanine-style level of painted red brick, supporting single-run lean-to verandah roofing sheltering the footpath underneath. The frontage is similar to adjacent retail premises located within the Paeroa main street block – supporting the town’s heritage feel.