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Suburban retail block placed on the market for sale
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.
The building
sustains three retail tenancies:
• Beautician business
Extreme Beauty
• Chinese fish and chip shop Uncle
Lee’s Takeaways
and
• 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
opportunity.
Bayleys Real Estate
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
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