Quality quartet for auction in Tauranga
Four investment properties including a popular Mt Maunganui fish and chip shop will go under the hammer at the latest Colliers International auction in Tauranga.
Each fully tenanted property is at the small to medium end of the market, providing opportunities for investors with a range of budgets.
Simon Clark, director of Colliers International Tauranga, says there has been plenty of pre-auction interest.
“Among the properties for sale is a small retail unit tenanted by Mount Fish and Chips, a true slice of Kiwiana history harking back to the Mount’s past as a seaside holiday town.”
Clark says that investors looking for a more affordable investment will have the chance to bid on a suburban retail unit occupied by an established pharmacy for more than 50 years.
The auctions are rounded out by two multi-tenanted, split-risk investment properties — one a modern office and showroom with five established tenants, and the other a dualtenanted investment in Judea with newly resigned leases.”
Colliers International will auction the properties at its Tauranga office at 2pm on Thursday, November 21, unless sold earlier.
The Mount Fish and Chip, at 80 Maunganui Rd, comprises an 80sq m building on a 94sq m freehold site with commercial zoning.
Colliers Tauranga broker Duncan Woodhouse, who is marketing the property with colleague Richard Davidson, says the successful bidder will have multiple options.
“The purchaser could take advantage of the site’s obvious potential with a multi-level development. Alternatively, a new owner could landbank for a future cycle while enjoying $28,500 in net annual holding income from a month-by-month lease.”
The pharmacy premises, at 1303 Cameron Rd, Greerton, comprises a 152sq m building on a 166sq m freehold title. Woodhouse says it returns $27,190 in net annual rent on a sixyear lease from December 2018.
One of the two multi-tenanted commercial properties for auction is a 733.6sq m building on a 1624sq m freehold site at 39 Waihi Rd, Judea.
National tenants Active Electrical Suppliers and Snap Fitness are both longstanding occupiers and have recently renewed their leases.
“This high-profile property offers a split risk to astute property investors,” says Davidson. “The leases return $140,319 in net annual rent, with both CPI and market rental review mechanisms.”
The second multi-unit property, at
23 Hynds Rd, Greerton, comprises a
650.3sq m building on a 1572sq m freehold site. The fully tenanted property returns some $117,711 in net annual rent.
Clark says: “This is a high-quality commercial investment with established tenants and ample on-site car parking on a high-profile corner site.”