Premier investment in seaside haven

The land and buildings of a prominently positioned medical and retail centre in the rapidly developing Bay of Plenty town of O¯mokoroa presents prospective purchasers with the opportunity to acquire a strategic asset with a strong tenant covenant and future growth potential.

170 O¯ mokoroa Rd (pictured above) has 1048sq m of total floor area spread across two buildings that are home to eight individual tenancies on a 4497sq m freehold Commercial-zoned site.

Tenancies range from 56-403sq m and enjoy prominent frontages, a northfacing aspect and a share of 66 onsite carparks.

The anchor tenants – Omokoroa ¯ Medical Centre and Omokoroa ¯ Pharmacy – occupy approximately 77 per cent of the floor space and have long-term leases that run until 2033 with one further right of renewal for 10 years each. The other leases all offer further renewal options on top of their current terms and most include two-yearly market rent reviews, providing built-in growth for the new owner.

Total annual rental income from the property is $353,885 plus GST and outgoings.

With a wide road frontage, the site offers easy access for customers and there are future redevelopment opportunities given the low site coverage of approximately 25 per cent.

Colliers brokers Simon Clark and Rich Davidson are marketing the property for sale by deadline private treaty closing at 4pm on Thursday 20 October, unless sold prior.