Suburban retail block placed on the market for sale
The land and buildings housing a neighbourhood block of eclectic shops - featuring a beauty salon, a Chinese takeaway restaurant, and an online recycled high-end clothing boutique - has been placed on the market for sale.
The freehold property at 193 Ranolf Street in the Rotorua suburb of Glenholme contains a 170 square metre building on 348 square metres of land zoned commercial 3 under the Rotorua City Council district plan.
sustains three retail tenancies:
• Beautician business Extreme Beauty
• Chinese fish and chip shop Uncle Lee’s Takeaways
• Upmarket dress hire and retail women’s clothing outlet Borrow a Dress Boutique.
Combined, the three tenancies generate an annual income of $28,103 plus GST. Leases for the individual tenancies range from 12 months up to four years – and all with lease renewal options.
Now the land and buildings have been placed on the market for sale by auction on July 20 through Bayleys Rotorua. Salesperson Brei Gudsell said that as a central business district fringe suburb, Glenholme’s retail strip was consistently busy – with ‘neighbourhood’ shops being prevalent along Ranolf Street.
“Tenants of these businesses and their customers, have no need to bargain for car parks outside the busy centre as the property has its own on-site car parking at the rear,” Ms Gudsell said.
She said that with three
separate retail tenancies, the Glenholme block – which had
been owned by the same family for the past 40 years –
offered a split risk investment