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


Beers ‘n’ kebabs on offer in retail sell down

Beers ‘n’ kebabs are the latest offerings in suburban retail shopping hub sell down

The carefully planned sell down of commercial units within urban Rotorua’s Redwood Centre retail and healthcare hub continues – with the Liquorland and Donna Kebab stores becoming 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 21 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, Mt Tarawera Fruit and Vege’, and most recently, Bin Inn which sold at auction in July.

The latest individually-titled unit to go up for sale occupying 339 square metres on a corner site and generating an annual rental of $85,000 plus GST.

The Liquourland outlet occupies 208 square metres of the property and is on a six year lease through until 2019 with eight further three-year rights of renewal. The adjoining Don Kebab takeaway business occupies 131 square metres and is on a five year lease through until 2019 with two further five-year rights of renewal.

The single storey retail site is being marketed for sale by Bayleys Rotorua with an auction taking place on October 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 100 percent sell down of the Redwood Centre to date means it has been among Rotorua’s most successful commercial project for decades - reflecting the sustainability and attraction of its location, the quality of a modern build, and the spread of tenants occupying the development,” Mr Rendell said.

“The commitments to new, long-term leases by the existing tenants have 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.”

Most buyers of Redwood units to date have come from the Greater Bay of Plenty region, with one Auckland-based investor purchasing a premises.

The franchise-operated Liquorland Redwood outlet is part of the nationally-branded group formed in 1981 and now featuring some 70 stores nationwide. Liquorland is owned by Foodstuffs New Zealand Limited, which has introduced its vast retailing, liquor and franchise experience to the chain.

Meanwhile, the Don Kebab store is a stand-alone operation which has just begun slicing and dicing the Mediterranean-styled wrap snacks at the Redwood Centre.

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 Liquorland/DonKebab unit, are constructed of tilt slab concrete with long run steel roofing. The property has certification for 100 percent of New Building Standards.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>

Environment: Preliminary Environmental Data On New Zealand’s Air Quality Released Today

The Ministry for the Environment and Stats NZ have published the Our air 2021: preliminary data release today. We are currently working to revise the Our air 2021 report to incorporate analysis of the World Health Organization (WHO) 2021 air quality guidelines that were released on 23 September 2021... More>>

Statistics: Food Prices Rise For Sixth Consecutive Month
Food prices rose 0.5 percent in September 2021 compared with August 2021, mainly influenced by higher prices for grocery food and meat, poultry, and fish, Stats NZ said today. September’s movement is the sixth consecutive monthly rise. After adjusting for seasonality, prices rose 0.9 percent... More>>

Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>

Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>

Bayleys: Latest Lockdown Adds Further Fuel To Industrial Property Market

The recent construction shutdown resulting from Auckland’s Covid 19’s lockdown restrictions has put additional pressure on an industrial property market that is already struggling to keep pace with demand... More>>