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

 


Suburban retail shopping hub sell down continues

Suburban retail shopping hub sell down continues

The sell down of commercial units within urban Rotorua’s Redwood Centre retail and healthcare hub continues – with the Bin Inn store the latest 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 in February last year – with 19 tenancies signing up to be part of the hub.

Every unit within the Redwood Centre which has been brought to the market for sale since then has been snapped up by either Rotorua-based investors or several retail business owner/operators within the precinct.

Among the tenancies which have been sold are: Burger Fuel, the Anytime Fitness gym’, Domino’s pizza, the pharmacy and physiotherapy practice, Couplands butchery, and Mt Tarawera Fruit and Vege’.

The latest individually-titled unit to go up for sale is the Bin Inn premises - occupying 220 square metres on a corner site, currently leased until 2021, with two further six-year rights of renewal taking the potential lease term out to 2033. The property generates $48,000 of income per annum, with regular reviews scheduled over the length of the tenancy.

The single storey Bin Inn retail site is being marketed for sale by Bayleys Rotorua through an auction taking place on July 31. Bayleys Rotorua salesperson Mark Rendell said the continuing process of ‘drip feeding’ Redwood units onto the market was part of the developer’s business model. That model encompassed firstly 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 sale of all the tenancies within the Redwood Centre to date reflects the sustainability and attraction of its location, the quality of build, and the spread of tenants occupying the development,” Mr Rendell said, “and there is every indication that trend of strong investor support will continue with the Bin Inn property.”

“The commitment of a new, long-term lease by the existing tenant has underpinned the attraction of the property from a pure investment perspective. The building’s near-new age also means that there is minimal maintenance and certainly no modernisation budget requirements which have to be accrued for.

“From an investment perspective, the sites within Redwood really do tick all the boxes, and have shown to deliver excellent rental yields well in excess of some of the more dated commercial investments around the city.”

Bin Inn is 100 percent New Zealand owned and operated retail brand with 35 stores nationwide – stretching from Kerikeri in the north to Invercargill in the south. The store sells wholefoods, fruits, grains and speciality produce – discounting products through a bulk packaging model.

Redwood Centre has communal parking for some 205 vehicles – optimising shared usage periods throughout the day and into the evening. The hub operates under a body corporate management structure. All buildings within the development, including the Bin Inn unit, are constructed of tilt slab concrete with long run steel roofing. The Bin Inn property has certification for 100 percent of New Building Standards.

The fit out of the Bin Inn premises is open-plan boutique supermarket style. The retail space has a suspended ceiling with air conditioning. Located at the rear of the tenancy is a large staff room, toilet, cleaner’s sink, and storage room with access onto a service lane.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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