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Modern suburban retail hub placed on the market for sale

12.11.2018



A substantial four-year-old multi-unit urban shopping centre located in suburban Tauranga has been placed on the market for sale.

The Ridge Plaza retail shopping centre at 2 Jude Place on the corner of Millers Road in Bethlehem encompasses seven shops with six tenants sitting on a rectangular 2,088 square metre freehold site. The 953 square metre concrete tilt slab-style building was constructed in 2015.

The fully-tenanted L-shaped single-level complex, which has a 100 percent new building standards rating, is being marketed for sale at auction on November 28 through Bayleys Tauranga. Salespeople Brendon Bradley, Lynn Bradley, and Ryan Bradley said the six tenancies making up Ridge Plaza retail hub offered a diverse tenancy mix and a superb split-risk asset.

“The broad diversity of non-competing businesses trading within Ridge Plaza combined with a long-term tenancy schedule, ensures this is an attractive split risk investment opportunity with solid growth potential” Brendon Bradley said.

Combined, the six tenancies at Ridge Plaza generate a combined annual income of $155,575 plus GST per annum. Among the individual tenancies are:

• Scrapbooking and crafts supply shop Craftables Ltd, occupying 216 square metres of floor space currently on a lease expiring in 2021 with two further three-year rights of renewal, generating rental of $38,744 plus GST per annum

• The Burnt Fig Café, occupying 90 square metres of floor space plus 49 square metres of front courtyard currently on a lease expiring in 2020 with five further two-year rights of renewal, generating rental of $19,800 plus GST per annum

• A new gift shop occupying 98 square metres of floor space currently on a lease expiring in 2021 with two further three-year rights of renewal, generating rental of $19,600 plus GST per annum

• Millers Road Superette occupying 98 square metres of floor space currently on a lease expiring in 2021 with two further three-year rights of renewal, generating rental of $19,600 plus GST per annum

• Hair to Stare beauty salon occupying 98 square metres of floor space currently on a lease expiring in 2021 with two further three-year rights of renewal, generating rental of $18,631 plus GST per annum. And additionally, occupying an adjoining 98 square metres of floor space currently on a separate lease expiring in 2021 with two further three-year rights of renewal, generating rental of $19,600 plus GST per annum

and

Total Rehab’ Physio occupying 99 square metres of floor space currently on a lease expiring in 2020 with two further three-year rights of renewal, generating rental of $19,600 plus GST per annum

Ryan Bradley said there is parking for 21 vehicles within the property, with additional on street parking for 13 on both sides of the road directly in front of the retail strip.

“A five-metre wide service lane running along the rear perimeter of the property ensures retail deliveries can be made during working hours without any disruption to the location’s customer convenience. Staff parking spaces for tenants are also allocated along the edge of the service lane,” he said.

The Ridge Plaza block is constructed on concrete slab foundations, with concrete panel floors and walls, coloursteel roof cladding, modern aluminium joinery, and suspended soft board ceilings at a three-metre stud height.

Landscaping around the property’s periphery consists of a small hedgerow – enabling the retail outlets within the hub to enjoy a high street frontage profile which is enhanced by a tenant directory signboard. Vehicular entrance into Ridge Plaza is off Jude Place, with an exit onto Millers Road.

The site is zoned commercial business under the Tauranga City Plan – allowing for retail and office premises, community facilities and minor public recreational facilities, school and tertiary education premises and visitor accommodation.

“With a substantial amount of vacant land immediately adjacent on Millers Road, Ridge Plaza is positioned at what will be an apex gateway to future residential developments,” Lynn Bradley said.

“Meanwhile, the residential nature of properties to the west and south of Ridge Plaza ensure a steady clientele for its tenants, with more growth population occurring around the nearby suburb of Brookfield,” she said.

ends


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