Wave of buyer interest tipped for Raglan town centre sites
A prominent portion of Raglan’s town centre retail strip has gone up for sale, offering investors a rare foothold in the Waikato beach and surfing mecca.
The two adjacent properties for sale on the town’s main street house five established retail tenants, including diverse local eateries, and national-brand real estate and liquor outlets. One also features an upstairs apartment currently rented as an Airbnb.
Now for purchase together or individually, the fully-leased sites generate a combined net annual rental return of more than $230,000 plus GST, rates and insurance.
The freehold properties at 25-31 and 33-35 Bow St are being marketed through Jordan Metcalfe and Rebecca Bruce of Bayleys Hamilton by deadline private treaty closing Tuesday April 23, unless sold prior.
“Commercial property on Raglan’s main street is very rarely up for sale and there’s generally zero vacancy, making these properties a rare offering and a great investment,” Metcalfe said.
Together the properties contain buildings with a total floor area of approximately 480sq m on nearly
850sq m of land.
Both are well-maintained and have rear access with on-site parking. With favourable lease terms and final lease expiries ranging from 2025 to 2032, each offers a split risk derived from a mix of national and local tenants.
25-31 Bow St comprises nearly
280sq m of buildings on a fee simple site of 511sq m. It returns an annual net rent of $128,926 plus GST, rates and insurance from three tenants.
Anchor tenant Property Brokers is a national real estate business with 90 branches. The other tenancies house popular eateries Ali’s Turkish Kebabs and Raglan Rasoi Curry Kitchen.
The approximately 202sq m of buildings at 33-35 Bow Street are underpinned by 334sq m of freehold land. The site is anchored by Thirsty Liquor Raglan, part of a chain with more than 100 outlets nationwide, along with one of the town’s first fish’an chip shops, Raglan Fresh Fish.
The newly renovated two-bedroom apartment is run as a successful Airbnb for additional income, with continued management service available. A new owner could also choose to move in.
This property currently generates around $100,000 plus GST, rates and insurance.