Commercial block in stopover Tirau
The seven-unit block and adjoining residential flat at 29 Main Rd, Tirau, are roughly indicated by a red border. Photo / Supplied
A block of retail and commercial units in the popular State Highway 1 stopover town of Tirau, just south of Hamilton, is now for sale.
The ‘quirky’ Waikato township is well-known for its numerous corrugated iron artworks, and is almost equidistant between Hamilton, Tauranga and Rotorua.
A 50km/h speed limit through Tirau means it does well out of motorists travelling on the state highway.
Tourists and visitors regularly slow down and stop to enjoy Tirau’s numerous cafes, or view craft and antique shops, say Bayleys Hamilton salespeople Rebecca Bruce and Jason Kong, who are selling the property at 29 Main Rd.
The freehold land and buildings are featured in Bayleys latest Total Propertymagazine and will be auctioned at 11am, on December 6.
Bruce says the seven-unit-block, which includes an adjoining residential flat, supports a well-balanced mix of tenancies; with core business activities servicing both passing motorists, and Tirau locals.
The package of three buildings comprises: two housing retail and accommodation units; and an elevated building housing Bugger Cafe.
Bruce says the 438sq m of shops and commercial buildings are in the Tirau’s Centre 8B Zone, sitting on 1739sq m of L-shaped land.
She says activities permitted under the town centre classification included retailing, food and beverage operations, offices, education businesses, and healthcare facilities.
The various buildings within the Main Rd property have new build standards ratings of between 75 and 90 per cent.
Bruce says the seven tenancies within the block generate combined annual net rentof $87,000 plus GST.
The property also encompasses parking to the side of the cafe, and down the rear of the site and sides accessing the other tenancies.
Additional substantial unmetered parking is also available along the length of Main Rd in both directions immediately in front of the property.
The seven tenancies are:
- Bugger Cafe, tenanting 150sq m, on a three-year lease expiring in 2021 with two further three-year rights of renewal;
- real estate firm Rural Lifestyle and Sales occupying 102sq m on a three-year lease expiring in 2021 with one further three-year right of renewal;
- The Christmas Heirloom Company shop in 38sq m on a two-year leaseexpiring in 2020 with two further two-year rights of renewal;
- The Motivator Ltd in 42sq m with a two-year lease expiring in 2020 with one further three-year right of renewal;
- Skinique Beauty Therapy in 42sq m with a one-year lease expiring in 2019 with two further one-year rights of renewal;
- South Waikato Industrial Automation Ltd in a 42sq m site with a two-year lease expiring in 2019 with one further two-year right of renewal; and
- a one-bedroom flat, tenanted on a monthly lease.
Kong says South Waikato District Council’s Operative Plan for Tirau identifies the town’s main street as a location for high quality boutique retail properties catering to both passing travellers and the local population; and “sustaining a country village character rather than a slice of the big city.
“The Town Centre zone intends to retain the existing attributes of Tirau to ensure it remains a pleasant place for people to stop and wander from shop to shop,” Kongsays.
“These attributes are based on a streetscape consisting of mainly small single-storey shops, rather than nationwide corporate chains.”
Tirau benefits from the fact that a range of boutique retail stores present an attractive form to the street, providing space and scope for entertainment and street activities along the paved and grassed frontages of the main thoroughfare.
“The property at 29 Main Rd and its tenancy schedule totally reflects this framework. The quality of retail premises within the Main Rd strip are important parts of the success of Tirau as a boutique retail centre,” says Kong.
“The main street of town doubles as State Highway 1, which performs a key role in the transportation network of the district and wider region.”