Five tenancies in Tauranga CBD
Acharacter retail strip, now for sale in one of the Tauranga best inner-city commercial locations, has been family-owned for more than 70 years. The single-level building, at 45 Spring St, fronts on to the busy Grey St intersection, also being quite near The Strand and Tauranga City Council's new waterfront precinct.
A multi-level parking building is just across the road and Red Square is close by, while two crossings from Grey St provide high pedestrian flows adjacent to the shops.
Previously known as A & A Davidsons Building, the wellpresented building sustains five shops on various lease terms.
The early 1940s building was a bakery until the Davidson family bought it in about 1947, converting it to a retail premises.
Second generation family member, Lloyd Davidson (now a Bayleys Tauranga commercial sales agent), says his parents established a department-style store in the building during the late 1940s — selling fashion, fabrics, millinery and cosmetics — alongside two other tenants within the building.
“Retail was not so specialised then, tending to cover all the new retail trends that were fashionable at the time,” Davidson says.
“It flourished with the highs and lows of the economic times, supporting the extended family and becoming a well-established business in the community.”
When he took over the store in the 1970s, Lloyd Davidson split the tenancies, retaining just one — specialising in NZ and Australian fashion labels — which he owned right up until exiting the industry mid-lastyear.
Davidson recalls three internal and two external renovations to the building. The the building was seismically strengthened in 2015, now having an 80 per cent (A-grade) New
Building Standards rating.
The property, is to be auctioned at 1pm on April 10, and it features in Bayleys’ latest Total Property portfolio magazine. Salespeople Brendon and Lynn Bradley say it provides a split-risk mix of tenants, including two national retailers.
The five retailers, which are on various leases, delivering a total annual rental return of $166,524, plus GST, are:
Escada Hair, occupying 78sq m; Footloose Shoes, occupying 119sq m; Repertoire, occupying 109sq m; Little Long Espresso & Eatery, occupying
94.18sq m; Greenapples, occupying
24.87sq m.
Bradley says the property is a solid income earner with a strong cashflow.
“The shops are mainly open-plan front retail areas with staff amenities and storage at the rear.
“Escada's shop also includes a mezzanine level at the back of the premises, which is used for hair consultations.
Landlord-owned air-conditioning has been installed in the Footloose, Repertoire and Little Long Eatery tenancies.
“The building provides retail space with a modern and attractive look, and is located near offices, banks, shopping, restaurants and inner-city services,” says Bradley.
The property is within Tauranga City’s Commercial City Centre Zone; development height on the site would be limited to 49m.
“A multi-tenanted property like this will appeal to buyers looking to add to a new or existing portfolio.”