Bethlehem shops to star at auction
A four-year-old single-level urban shopping centre with seven shops, is for sale at Tauranga.
The Ridge Plaza retail shopping centre at 2 Jude Place, Bethlehem, has seven shops with six tenants, on a rectangular 2088sq m freehold site. The centre’s 953sq m concrete tilt slabstyle building was constructed in
2015.
The fully-tenanted L-shaped complex has a New Building Standard seismic rating of 100 per cent.
It will go to auction through Bayleys Tauranga on November 28, and features in the latest Total Property portfolio magazine. Salespeople Brendon Bradley, Lynn Bradley, and Ryan Bradley say the tenancies offer a diverse mix.
“Diversity of non-competing businesses, combined with a long-term tenancy schedule, ensures an attractive split-risk investment with solid growth potential,” says Brendon Bradley.
The six tenancies, which generate combined annual income of $155,575, plus GST pa, include:
● Scrapbooking and crafts supply shop Craftables Ltd, occupying 216sq m of floor space on a lease expiring in
2021, with two further three-year rights of renewal, generating rental of $38,744 plus GST pa.
● The Burnt Fig Cafe, occupying
90 sq m of floor space plus 49sq m of front courtyard, on a lease expiring in
2020 with five further two-year rights of renewal, generating rental of $19,800 plus GST pa.
● A new gift shop occupying 98sq m of floor space, on a lease expiring in
2021 with two further three-year rights of renewal, generating rental of $19,600 plus GST pa.
● Millers Rd Superette occupying
98sq m of floor space, on a lease expiring in 2021, with two further threeyear rights of renewal, generating rental of $19,600 plus GST pa
● Hair to Stare beauty salon occupying 98sq m of floor space, on a lease expiring in 2021, with two further three-year rights of renewal, generating rental of $18,631 plus GST pa. And additionally, occupying an adjoining
98sq m 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 pa.
● Total Rehab Physio, occupying
99sq m 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 pa.
There is parking for 21 vehicles within the property, with room for another 13 on the road outside. A fivemetre wide service lane running along the rear perimeter enables deliveries to be made during working hours without disrupting customers. Parking spaces for tenants are allocated along the edge of the service lane, says Bradley.
The block has concrete slab foundations; concrete panel floors and walls; Colorsteel roofing; aluminium joinery and suspended soft board ceilings to a three-metre stud-height. Vehicular access is off Judea Pl, with an exit on to Millers Rd. The site is zoned Commercial Business under the Tauranga City Plan.