Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Investment property sell-off continues

Investment property sell-off continues at Rotorua’s newest retail and shopping hub

The sell-off of well tenanted units within Rotorua’s newest suburban retail and commercial hub continues – with a hair and beauty salon the latest property to be placed on the market for sale.

The 4,500 square metre Redwood Centre some three kilometres east of Rotorua’s central business district opened just over a year ago – with 19 new tenancies signing up to be part of the hub. Among the nationally-branded tenants in Redwood Centre are Rabo Bank, Burger Fuel, Liquorland, Domino’s Pizza and Bin Inn.

Since then, nine buildings within the complex have been sold – in line with the developer’s business model of converting the corner location from a dated, underutilised site into a slick, fully-tenanted retail draw card straddling Rotorua’s central business district on one side, and the leisure-focused lakes district on the other.

The latest offering to come onto the market is the Copperhead Hair and Beauty Salon – a 200 square metre concrete-constructed unit with an existing tenant returning $50,000 plus GST per annum. Copperhead has just signed up for a new three-year lease on the premises, and has three further three-year rights of renewal.

The investment unit is being marketed for sale by Bayleys Rotorua through an auction taking place on April 10. Bayleys Rotorua sales person Mark Rendell said it was always the intention of Redwood’s owner/developer to ‘drip feed’ the individual units for sale onto the market over a number of years – thereby sustaining the long-term value of all premises within the retail location.

Redwood Centre has communal parking for some 205 vehicles – optimising shared usage periods throughout the day and into the evening.

“The integrity of Redwood Centre as a whole is underpinned firstly by its age – being just one year old - and secondly by the complementary nature of the occupying businesses, which brings together a non-competitive tenancy schedule,” Mr Rendell said.

“With a brand new three-year lease in place, and the potential to extend that out until 2026, the investment returns from the Copperhead premises are ideal for a passive investor looking for a low maintenance property in a vibrant retail precinct.”

A New Zealand Transport Agency high volume traffic count recorded an annual average daily traffic flow of some 34,000 vehicles past the intersection location on which the Redwood Centre sits.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news