Investment Trio Of Bulk Retail Premises Go Up For Sale

A trio of buildings anchored by New Zealand’s leading pet retailer and a top national home decorating chain have gone up for sale in a prime retail hub in Mount Maunganui.

The three single-storey retail premises are positioned on a freehold site with a 60-metre dual frontage to Owens Place and State Highway 2 at the coveted Bayfair Interchange. The site forms part of the busy Owens Place bulk retail hub and sits opposite the Bayfair Shopping Centre.

The property at 3 Owens Place, Mount Maunganui, is fully leased to national anchor tenants Animates and Guthrie Bowron, along with locally owned audio specialists Mad Soundz. The tenancies generate total net rental income of $270,931 plus outgoings and GST per annum.

Since opening its first store in Christchurch in 1995, Animates has established a network of some 44 pet supplies outlets, 28 grooming salons and 18 vet clinics from Whangarei to Invercargill.

The chain’s 457-square metre Owens Place outlet generates annual net rental income of $116,851 plus GST and all outgoings excluding management fees. Its current lease extends to 2025 with two further five-year rights of renewal, and includes annual CPI rent reviews, replaced by a market review at lease renewal.

Guthrie Bowron has been a household name for generations of Kiwi home decorators. Its locally owned and operated stores are a trusted source of advice and products such as paint, wallpaper, decorating tools, curtains and flooring.

Tamal Limited, trading as Guthrie Bowron at Owens Place, pays net annual rent of $94,080 plus GST and all outgoings for its premises of 576 square metres. Its lease runs through to 2023 with a further six-year right of renewal and includes built-in two-yearly market rent reviews.

The 286-square metre third building, leased to Haunt Industries, trading as Mad Soundz, generates annual net rental income of $60,000 plus GST and all outgoings. The current lease extends to 2023 with a further five-year right of renewal and two-yearly market rent reviews.

The freehold land and buildings at 3 Owens Place, Mount Maunganui, are being marketed for sale by the family sales team of Ryan, Lynn and Brendon Bradley of Bayleys Tauranga. Sale will be by auction on 8 December, unless the property is sold earlier.

Ryan Bradley said the three buildings offered a combined floor area of approximately 1,319 square metres on 3,544 square metres of Commercial-zoned land.

Two of the buildings are adjoined, and one is stand-alone.

“The building occupied by Mad Soundz was partly constructed around the 1970s and extended around 1996 to provide a showroom and amenities to the front and a workshop to the rear, as well as an office area,” Mr Bradley said.

“The attached Animates premises were built in the mid-1970s and upgraded around 2006 to provide bulk retail accommodation.

“The building contains an extensive showroom to the front, a retail area to the side and a loadout area to the rear, along with a lunchroom and bathrooms. The main building has a three-metre stud, which falls to 2.2 metres in the side retail area.

“The standalone Guthrie Bowron building was constructed around 2011 with bulk retail accommodation incorporating an extensive showroom plus amenities on the ground floor along with a mezzanine floor with an office, lunchroom and storage area. There is a loadout area with a roller door to the rear,” Mr Bradley said.

Lynn Bradley said the balance of the Owens Place site contained a sealed yard supporting easy access and plenty of onsite parking, along with external storage areas, with security fencing to the rear and side boundaries.

“Conveniently positioned at the northern entrance to Owens Place, the property has triple access points from this busy retail thoroughfare facilitating convenient access onto and around the site.

“The overall quality and presentation of the property is exceptional. It enjoys very strong street profile, with 60 metres of frontage to one of the region’s busiest interchanges assuring it of exposure to thousands of passing cars each week,” Ms Bradley said.

The site sits within the Commercial zone under Tauranga City Council’s district plan, which promotes vibrant, mixed-use commercial centres with a spectrum of uses including compatible residential development.

Brendon Bradley said the Owens Place property was surrounded by leading brand retailers such as Noel Leeming, Harvey Norman, ITM, Liquorland, Warehouse Stationery, Bed Bath and Beyond, Lighting Plus and Toyota.

Just across the interchange is Tauranga’s flagship retail destination, Bayfair Shopping Centre.

“Just a few minutes’ drive from both Tauranga’s and Mount Maunganui’s central business districts, this area is a major focal point of Tauranga’s retail sector – and a location where tenant demand constantly exceeds the supply of available property,” Mr Bradley said.

Click here for more information on the listing.

© Scoop Media