Rotorua shopping block for sale
The freehold property at 193 Ranolf St has several commercial tenants. Photo / Supplied
The land and buildings housing a neighbourhood block of eclectic shops — featuring a beauty salon, a Chinese takeaway restaurant, and an online recycled high-end clothing boutique, has been placed on the market for sale.
The freehold property at 193 Ranolf St in the Rotorua suburb of Glenholme contains a 170sq m building on 348sq m of land, zoned Commercial 3 under the Rotorua City Council district plan. The building sustains three retail tenancies:
- Beautician business Extreme Beauty;
- Chinese fish and chip shop Uncle Lee’s Takeaways; and
- Upmarket dress hire and retail women’s clothing outlet Borrow a Dress Boutique.
Combined, the three tenancies generate an annual income of $28,103 net. Leases for the individual tenancies range from 12 months up to four years — and all with lease renewal options.
The land and buildings are for sale by auction on July 20, through Bayleys Rotorua. The property is featured in Bayleys’ latest edition of Total Property portfolio magazine.
Salesperson Brei Gudsell says that as a central business district fringe suburb, Glenholme’s retail strip is busy — with “neighbourhood” shops being prevalent along Ranolf St.
“Tenants of these businesses and their customers, have no need to bargain for car parks outside the busy centre as the property has its own on-site car parking at the rear,” she says.
With three separate retail tenancies, the block — which had been owned by the same family for the past 40 years — offers a split risk investment opportunity.