‘ Gold nugget’ in Waihi’s heritage streetscape
One of the biggest central retail blocks in Waihi is for sale.
The 680sq m building sitting on 932sq m of freehold land fronts onto Rosemont Rd ( St Highway 2), with a service lane running down the side and rear of the building.
The location is currently zoned for commercial use in the Hauraki District Council plan.
All units within the block are leased, generating $ 65,996 of income per annum from a range of tenancies such as:
The Order of St John Northern Region opportunity Shop has a current lease running until 2018 and two further three- year rights of renewal expiring in 2014. It occupies 434sq m of floor space.
Rosemont Dairy, which is on a month- to- month lease, occupying 81sq m of floor space.
Fancy dress retailer Costumes on Rosemont, on a month- to- month lease, occupies 47sq m of floor space, and
Movie Scene DVD rental, on a month- to- month lease occupying 118 square metres of floor space.
The land and building will be auctioned on October 27 by Bayleys Hamilton.
Salesperson Josh Smith says in its current format, the property has considerable investment upside from either securing longer leases from the existing tenants occupying on a month- to- month basis, or by bringing from a new retail mix.
“The three units facing onto 18 — 22 Rosemount Rd all benefit from exposure to the town’s main thoroughfare and retail precinct — with neighbouring well- known entities such as KFC, Farmsource, Work and Income NZ, Hauraki District Council, and Waihi Family Doctors,” Mr Smith said.
“Their facades are very much align with the town’s ‘ pioneering’ heritage architecture — from the gabled parapet, through to the single- run lean- to verandah roofing sheltering the footpath underneath and providing a high level of convenience for clientele visiting the tenancies incorporated in the block.”
Hauraki District Council’s planning guidelines for Waihi town centre specify that any new building developments in the zone maintain the current heritage “streetscape”.
“The town centre of Waihi has a vibrant historic streetscape that communicates the town’s history.
The range of architectural styles and street landscape provide a sense of stepping back into Waihi’s past as a gold mining centre,” says the council building development advice.
“While there is no precise formula or required elements of design that will result in a design that is sympathetic to the architecture of the streetscape, there are general requirements that should be considered.
Council guidelines recommend any new development in Waihi’s central business district should avoid replicating the look or structure of existing historic buildings in the town.
Smith said from an architectural design perspective, the Hauraki District Council guidelines would allow any potential replacement building on the Rosemont Rd site to embrace not only modern construction methods, materials, and floor- plate efficiencies, but also to tastefully embrace Waihi’s gold- mining heritage.
“Under this parameter, and taking into account the straightforward rectangular shape of the building and land, the property could be developed under multiple configuration options.
“There is also the potential of unit- titling each of the four tenancies and selling those down individually,” he said.
“The continuous street frontage of small to medium- sized buildings includes those within the 18- 22 Rosemont Rd block.
It helps create the character of the commercial heritage area of the Waihi town centre.
“Various parts of the greater block have undergone extensive redevelopment and additions over the past dec- ade — ranging from a modernisation of the Rosemont Rd frontage to the expansion of the rear tenancy to add more floor space.”
The rear of the property containing the St John’s charity shop is the most modern built part of the block, and faces out toward New World supermarket.
This brings a high volume of vehicle traffic to the location. It has designated parking for up to six vehicles. A 2,430 sqm modern industrial building on a 1.55ha freehold site 75 Snell St, Morrinsville, has been sold at auction for $ 4.255 million by Alan Pracy and Justin Oliver of Colliers International — representing a yield of 6.94 per cent. At a Bayleys Total Property auction in Rotorua, a 877sq moffice building on a 907sq mfringe CBD site at 1268 Haupapa St has sold for $ 2,200,000 at a 7.73 per cent yield through Mark Slade and Brei Gudsell, Bayleys Rotorua. Extensively refurbished in 2007 to provide “A grade” space, the building has five tenants on one to four- year terms with 10 on- site car parks.