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

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news