Part of cen­tre for sale

The Horowhenua Mail - - LETTERS - CHLOE WIN­TER

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.’’

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