Buildings in arts-and-craftsy Tirau
Ablock of retail and commercial units in an arts and crafts town on busy State Highway 1 is now for sale. The seven-unit-block, which includes an adjoining residential flat, are in the arty little township of Tirau, a quirky Waikato destination almost equidistant between Hamilton, Tauranga and Rotorua.
A 50km/h speed limit through Tirau means it does well out of motorists travelling on the state highway.
Tourists and visitors regularly slow down and stop-off to enjoy Tirau’s numerous cafes, or craft and antique shops, say Bayleys Hamilton salespeople Rebecca Bruce and Jason Kong, who are selling the property at 29 Main Rd.
They point out that the property supports a well-balanced mix of tenancies, with core business activities servicing both passing motorists, and Tirau locals.
There are three buildings: two housing retail and accommodation units, while an elevated building houses Bugger Cafe.
Bayleys Hamilton will auction the freehold land and buildings at 11am, on December 6, and they feature in the latest Total Property magazine.
Bruce says the 438sq m of shops and commercial buildings are in the Tirau’s Centre 8B Zone, sitting on some 1739sq m of L-shaped land.
She says activities permitted under the town centre classification included retailing, food and beverage operations, offices, education businesses, and healthcare facilities.
The various buildings within the Main Rd property have new build standards ratings of between 75 and 90 per cent.
Bruce says the seven tenancies within the block generate combined annual net rental income of $87,000 + GST. The property also encompasses parking to the side of the cafe, and down the rear of the site and sides accessing the other tenancies.
Additional substantial unmetered parking is also available along the length of Main Rd in both directions immediately in front of the property. The seven tenancies, are:
● Bugger Cafe, in a 150sq m site on a current three-year lease expiring in 2021 with two further three-year rights of renewal
● Real estate firm Rural Lifestyle and Sales in a 102sq m site, currently on a three-year lease expiring in 2021 with one further three-year rights of renewal
● The Christmas Heirloom Company shop in a 38sq m site on a current two-year expiring in 2020 with two further two-year rights of renewal
● The Motivator Ltd in a 42sq m site with a current two-year lease expiring in 2020 with one further threeyear right of renewal
● Skinique Beauty Therapy in a
42sq m site with a current one-year lease expiring in 2019 with two further one-year rights of renewal
● South Waikato Industrial Automation Ltd in a 42sq m site with a current two-year lease expiring in 2019 with one further two-year right of renewal
● A one-bedroom flat, tenanted on a monthly lease.
Kong says South Waikato District Council’s Operative Plan for Tirau identifies the town’s main street as a location for high quality boutique retail properties catering to both passing travellers and the local population, “sustaining a country village character rather than a slice of big city.
“The town centre zone intends to retain the existing attributes of Tirau to ensure it remains a pleasant place for people to stop and wander from shop to shop,” he says.
“These attributes are based on a streetscape consisting of mainly small single-storey shops, rather than nationwide corporate chains.
Tirau benefits from the fact that a range of boutique retail stores present an attractive form to the street, providing space and scope for entertainment and street activities along the paved and grassed frontages of the main thoroughfare.
“The property at 29 Main Rd and its tenancy schedule totally reflects this framework. The quality of retail premises within the Main Rd strip are important parts of the success of Tirau as a boutique retail centre,” says Kong.
“The main street of town is also State Highway 1, which performs a key role in the transportation network of the district and wider region.”