Whangamata mall goes into shopping basket
The land and buildings housing a high-profile, long-standing shopping precinct and healthcare and beauty services hub in Whangamata have been placed on the market.
Located in Port Rd, the Coromandel Peninsula town’s main street, the ‘classic Kiwi’ retail hub reminiscent of the 1960 sand ‘70 sf eat ur es a rectangular premises.
Foot traffic-reliant food and beverage and retail outlets face Port Rd, while the more destination orientated commercial premises are in the hub’s interior laneway.
A paved walkway connects the laneway area with parking for 10 vehicles at the rear of the premises. Customers of businesses within the single-storey block can also take advantage of ample angled parking on Port Rd.
The tenancy mix includes food and beverage outlets, healthcare service providers, personal beauty and wellbeing operations and a bank’s cash dispensing machine. A mezzanine office space at the rear of the block is used by three tenants as shared storage space.
Split across two combined titles, the property at 606–608 Port Rd sustains eight commercial tenancies, seven of which are currently tenanted by a mix of established businesses.
Combined, the tenancies produce annual rental income of $159,763 plus GST and expenses, with the potential to increase rental income by a further an estimated $15,600 when the single vacant premises is let.
The land and buildings are being marketed for auction on May 2 through Bayleys Whangamata.
Salesperson Josh Smith said the block consisted of 1208sq m of buildings on 1544sq m of freehold land zoned Commercial under the Thames Coromandel District Council plan.
He said the diverse tenancy mix delivered a well-balanced split-risk investment. A new owner could occupy the remaining site for their own business, or lease out the space and add to the revenue stream.