INDEPENDENT NEWS

New future for mega-sized high-profile warehouse/retail

Published: Tue 27 Aug 2013 04:36 PM
Media Release
27.8.2013
New future looms for mega-sized high-profile warehouse and retail building
Two gourmet supermarket chains have been identified as potential tenants for a large warehouse and retail building straddling the gateway to Rotorua’s central mall precinct and the city’s large format shopping zone.
The prominent Amohau Street premises - which is on the market for sale has - previously housed hardware supply outlet Hammer Hardware before the store moved to Te Ngae Road. The building is currently jointly occupied by vacuum cleaner outlet Godfreys and by gift and homeware stockist No1 Mart Clearance Store.
The 1122 square metres building sits on two blocks of land totaling 1518 square metres on a corner profile. It’s location straddles Rotorua’s CBD and the start of the city’s bulk retail precinct which features similar retail businesses nearby such as Farmers, Harvey Norman, The Warehouse, Briscoes, Lighting Plus, and Rebel Sport.
The building is being marketed for sale by Bayleys Rotorua through an auction on September 12. Bayleys Rotorua commercial sales person Mark Rendell said the building’s position on Amohau Street ensured a high traffic count. Much of that passing traffic was heading to, or heading from, the city’s 12.6 hectare bulk retail zone bordered by Amohau, Fenton, Victoria and Ranolf streets.
High-end niche supermarket operators Nosh Food Market and Farro Fresh have both been identified as potential new tenants for the site. Farro has three Auckland outlets, while Nosh Food Market has five sites in Auckland and has recently been expanding its sights further south – opening operations in Hamilton and Tauranga.
Nosh Food Market has previously been known to be looking for a highly-visible Rotorua location.
Both chains are focused on delivering shoppers an ‘all-under-one-roof’ retail experience encompassing fresh fruit and produce, chilled and frozen butchery items, bakery, deli, and wine and beer lines. Stocked items – many from boutique food and beverage producers - are generally priced above standard supermarket lines.
“With large roller door access from the rear of the premises, and 11 designated car parking spaces as well as street parking immediately in front, the building is well positioned to once again take on the mantel of a bulk retail store – for the likes of a new player to the supermarket scene, a home furnishings destination, DIY, a computer/electrical retailer, a carpet and flooring showroom, home decorating outlet, large fitness centre, or whiteware stockist,” Mr Rendell said.
The premises currently generates rental revenue of $112,500 plus GST from the current tenant. The property’s freehold is held by the Ngati Whakaue Education Endowment Trust Board through a rolling 21-year lease of $41,212 per annum.
“The tenancies with Godfreys and No.1 Mart run through until the end of next year – thereby delivering an initial holding income while alternative plans could be drawn up for redeveloping the premises if required or allowing for the potential relocation of an owner/occupier,” Mr Rendell said.
The building is approximately 10-years old and is built from concrete block walls with clear span steel beams supporting an apex roof. An underutilised upper mezzanine floor of 70 square metres is suitable for conversion into additional offices. Staff amenities on the lower level include a shared kitchen/staffroom, and toilet facilities.
“With an eye to retailing trends in the UK, there has been some discussion that the mezzanine level could be converted into a licensed café area – enabling husbands who may not possess the same ‘retail therapy’ stamina as their wives, to enjoy a beer and a pizza while their other half does the shopping down below,” Mr Rendell said.
“Branching out from that is the potential for developing part or all of the lower level into a commercially-run children’s play zone, while retaining the café concept upstairs so mum and dad can watch their children playing safely while enjoying a quiet coffee.”
Mr Rendell said he had already fielded several calls from local developers interested in the site before it goes to auction on September 12.
ENDS
Bayleys
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
Contact Bayleys Realty Group
Phone:
09 375 6868
Media Contact:
Scott.Cordes@bayleys.co.nz

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