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

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

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:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news