The high-profile CBD premises housing the Rotorua office of New Zealand’s largest full-service real estate company have been placed on the market for sale.
The modern ground-floor unit for sale on a prominent corner site at 1092 Fenton Street, Rotorua, is fully leased to Bayleys Real Estate and the popular Lime Caffeteria. The tenancies return total net rental income of $89,203 plus outgoings and GST per annum.
Bayleys Rotorua occupies a purpose-built office of some 213 square metres on the corner of Fenton and Whakaue streets. The office serves the residential, lakes, lifestyle, farm, commercial and industrial property sales and leasing markets.
The high-performing Rotorua team has racked up a host of Bayleys national awards for sales, service and marketing. It forms part of a wider Bayleys network with more than 2,000 staff and over 90 offices across New Zealand and three in Fiji.
Bayleys Real Estate Rotorua pays net annual rent of $56,064 plus outgoings and GST for its Fenton Street office on a lease that runs through to 2025, with two further six-year rights of renewal.
Approximately 140 square metres of retail space is leased to Lime Café (2007) Ltd, generating net rental income of $33,139 plus outgoings and GST per annum. Its current lease extends to 2021, with two further four-year rights of renewal.
The unit incorporating the two tenancies at 1092 Fenton Street, Rotorua, is now being marketed for sale by auction on 8 December (if not sold prior) through Bayleys Rotorua.
Salespeople Mark Slade and Brei King said the property consisted of a freehold unit title of approximately 353 square metres on the ground-floor of a two-storey building, along with three dedicated car parks.
The building has a Grade A seismic rating of 95 percent of new building standard.
“The Fenton Street property occupies a prime position within the city centre, overlooking the Village Green lakefront reserve, and within easy reach of a wide range of CBD amenities,” Mr Slade said.
“Close neighbours include two of Rotorua’s most exciting new developments, the QE Health and Wellness complex and the five-star Wai Ariki Hot Springs and Spa, which is under construction on the lakefront.”
The Fenton Street property for sale is zoned City Centre 1 under Rotorua Lakes Council’s district plan. With Tutanekai Street as its spine, this zone encourages a lively mix of shops, entertainment venues, restaurants, accommodation and commercial offices.
It seeks to provide for a welcoming pedestrian experience for residents and visitors in the central city, with closely-spaced shop fronts, vibrant signage and lighting, and high foot traffic.
Ms King said Rotorua was attracting renewed interest as a destination for doing business and for investing in commercial real estate.
“Local property prices are affordable relative to other parts of the country, and have become even more attractive as borrowing rates have continued to plunge to new lows,” she said.
Ms King said Rotorua’s local economy was underpinned by a diverse array of industries, including agri-business, forestry and geothermal power generation, which had performed well through the challenging post-Covid economic environment.
“The city’s renowned tourist economy has benefited from a significant lift in domestic visitors as New Zealanders turn their attention to taking holidays at home, and this is expected to continue through the upcoming peak summer period.
“Long-term demand for local businesses and tourism attractions is underpinned by Rotorua’s central North Island location, an hour’s drive from Tauranga and Hamilton and two-and-a-half hours from Auckland. Half of New Zealand’s population lives within a three-hour drive, and the country’s busiest exporting port in Tauranga is less than an hour away,” Ms King said.