Retail block with Indian restaurant for sale
Three tenants in a Tauranga city block generate annual rent of upwards of $140,000. Photo / Supplied
A suburban block of retail outlets, whose tenants include Tauranga’s first Indian restaurant, a traditional New Zealand bakery and an accommodation business, is on the market for sale.
The two-storey premises in central Tauranga sits on one of the city’s busiest arterial routes, linking the central business district with city suburbs.
The 716sq m of freehold land and 688sq m of buildings at 356-358 Cameron St encompasses street level tenancies Talk of India restaurant and Rexxa Bakehouse Café.
Upstairs, commercial accommodation provider Aroha Trust tenants the entire floor. Combined, the three tenancies generate an annual rental return of $143,728 plus GST.
The freehold property is now for sale by auction at 1pm on September 18 through Bayleys Tauranga salespeople Ryan Bradley, Brendon Bradley and Lynn Bradley. The property features in Bayleys’ latest Total Property portfolio magazine.
Occupying some 147sq m of street-level space, Talk of India is on a lease running through to 2023 with two further five-year rights of renewal, generating annual net rental of $34,048 plus GST and operating expenses per annum.
Neighbouring Rexxa Bakehouse Café occupies some 197sq m of space, on a year lease running through to 2022 with two further four-year rights of renewal, generating annual net rental of $47,280 plus GST and operating expenses per annum.
Meanwhile, upstairs commercial medium-term accommodation provider Aroha Trust occupies some 344sq m of space on a lease running through to 2023 with two further five-year rights of renewal, generating annual net rental of $62,400 plus GST and operating expenses per annum.
The Aroha Trust business provides suite-style accommodation for personnel in the agricultural and tertiary education sectors.
The Cameron Rd property has nine car parks at the rear of the premises for use by the retail operators and guests staying at the Aroha Trust accommodation. The land is zoned commercial 8A under the Tauranga City Council plan.
“Both Talk of India and Rexxa Bakehouse benefit from the prominent street-facing location, and the easy availability of customer parking on Cameron Rd immediately outside their front doors,” Ryan Bradley said.
“Rexxa Bakehouse in particular maximises this exposure to the high traffic flows, and operates several al-fresco tables and seats on the pavement for customers.
“Meanwhile, the convenient location of the property enables guests utilising the accommodation amenities above to have easy access to both the CBD for those undertaking tertiary studies, or the motorway south for those involved in the kiwifruit picking and packaging sector around Te Puke.”