Part of centre for sale
The east block of Raumati Beach Shopping Village in Ka¯piti Coast is up for sale.
The two-storey retail and office block, which sits on a 814 square metre site on the corner of Margaret and Raumati roads, is fully leased.
The east block is the newest of the two blocks that make up Raumati Beach Shopping Village.
It was built in the mid 1990s and refurbished, upgraded and strengthened to 69 per cent of new building standard three years ago.
Colliers International Ka¯piti agent Dean Ander- son said with a rateable value of $2.87 million, the property was sitting in a price range accessible to a wide range of investors.
‘‘We’re expecting a lot of interest from individual investors, family trusts and syndicates,’’ he said.
The building’s five ground floor retail units are leased to a minisupermarket, clothing store, sushi bar, vet clinic and restaurant and bar. Upstairs is leased to a healthcare company and an engineering firm.
All the tenants were well-established, Anderson said.
‘‘Most of the tenants have been here a long time and enjoy their location in this bustling village centre‘‘
The seven tenancies generate an income of $224,364 a year.
The Ka¯piti Coast was a high-growth location, with several major commercial and infrastructure projects underway, which were expected to benefit property owners and occupiers up and down the coast, Anderson said.
‘‘Development is well under way on the Ka¯piti Landing Business Park just to the north of Raumati Beach. Several large-format retail stores are already open and the development is expected to create thousands of jobs.’’