Boutique high-profile retail block placed on the market for sale
A block of retail units overlooking one of the country’s busiest state highways in a town renowned for its arts and crafts boutiques has been placed on the market for sale.
The six-unit site at 15–17 Main Road Tirau – a township linking Hamilton, Tauranga and Rotorua – sits on State Highway One. The motorway has a 50 kilometre-per-hour speed limit through Tirau town centre – effectively acting as a ‘brake’ encouraging motorists to stop at the town’s numerous cafes, or craft and antique shops.
New Zealand Transport Agency data has recorded almost 12,000 vehicles travelling through Tirau on an average weekday. The freehold land and buildings at 15–17 Main Road are being marketed for sale at auction on April 13 by Bayleys Hamilton through salespeople Alex ten Hove and Mike Swanson.
Mr ten Hove said the 505 square metre block of shops was situated within the Tirau town centre zone, sitting on some 1058 square metres of rectangular-shaped land. The property also includes an 80 square metre two-bedroom flat linked to the takeaway business.
He said activities permitted under this classification included retailing, food and beverage operations, offices, education businesses, and healthcare facilities.
Mr ten Hove said the six premises within the block ranged in size from 50 square metres to 225 square metres, and with the flat, generated a combined annual rental income of $60,745 plus GST. The property also had parking for six vehicles at the rear of the shops.
The six tenancies encompass:
• Youngs Takeaways. In a 90 square metre site on a current three-year lease expiring in 2019 returning $13,000 per annum and with four further three-year rights-of-renewal
• Yoga Body and Mind studio. In a 90 square metre site currently on a three-year lease expiring in 2018 and returning $12,000 per annum, with two further two-year rights-of-renewal
• Art on Main art studio. In a 225 square metre site on a month-to-month lease returning $10,725 per annum
• Magazine Clothing. In a 50 square metre site with a current three-year lease expiring in 2018 and returning $9,000 per annum, with one further three-year right-of-renewal
• Magazine Clothing Outlet shop. In a 50 square metre site with a three-year lease expiring in 2018 and returning $9,000 per annum, with one further three-year right-of-renewal
• A two-bedroom flat is tenanted by the operators of the Youngs Takeaways fast food outlet – on a monthly lease and earning an annual rental of $7,020 excluding GST.
Mr ten Hove said the sixth retail unit within the block was a currently vacant 65 square metre premises with signage opportunities on the overhanging gantry above the Main Road pavement. The premises had an assessed rental potential of $10,400 per annum.
South Waikato District Council’s Operative Plan for Tirau identifies the town’s main street as a location for high quality boutique retail properties catering to both passing travelers and the local population – sustaining a “country village character rather than a slice of big city.”
“The town centre zone intends to retain the existing attributes of Tirau to ensure it remains a pleasant place for people to stop and wander from shop to shop,” says the council plan.
“These attributes are based on a streetscape consisting of mainly small single-storey shops (rather than nationwide corporate chains), and a range of boutique retail stores presenting an attractive form to the street _ with space and scope for entertainment and street activities along the paved and grassed frontages of the main thoroughfare.
“The quality of retail premises are important parts of the success of Tirau as a boutique retail centre. The main street of Tirau is also State Highway One and performs a key role in the transportation network of the district and wider region,” the council report concluded.
Mr Swanson said the classic ‘Kiwiana’ frontage of the six units being marketed for sale replicated a heritage New Zealand feel – totally in keeping with the council’s vision for the heart of Tirau as a retail and hospitality ‘destination’.
“As traffic flows between the ‘silver triangle’ of Hamilton, Tauranga and Rotorua continue to grow, so too will the number of vehicles passing through Tirau,” he said.
“Even with one of the highest daily traffic counts of any town in New Zealand, Tirau still has bountiful parking – both on the main street and in the multitude of adjacent car parks operated by the town’s retailers.
“This ease of parking availability, and no parking wardens, encourages people to stop in town and sustains its retail hub.”