A landmark commercial block housing diverse local amenities and apartments in Whangamata has been placed on the market for sale.
The two-storey property on a high-profile corner site at 800 Port Road is home to seven commercial tenancies on the ground floor – ranging from a popular Indian restaurant and a takeaway outlet, to the local Coastal News newspaper, homebuilder A1 Homes, a beauty salon, and a barber.
The commercial leases generate a combined net annual rental income of approximately $125,000 plus outgoings and GST. This is supplemented by six residential apartments on the first floor which return a further $106,000 per annum.
The property is being marketed for sale by Bayleys salespeople Josh Smith and Belinda Sammons.
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“Its ground-floor commercial space offers prominent street frontages for the building’s commercial tenants, with adjacent on-street parking along Port Road,” said Mr Smith.
“Six two- and three-bedroom apartments on the first floor are supported with off-street parking to the rear of the building.”
The property is located at the roundabout where Port Road intersects with Hetherington and Hunt roads.
“This is usually one of the first commercial buildings you see as you enter the town,” Mr Smith said.
The building’s commanding location, combined with the town’s summer population influx – swelling to more than 60,000 people over New Year and 125,000 during the Beach Hop – ensured high demand for tenants’ businesses and for the apartments, Mr Smith said.
“Whangamata’s reputation as one of New Zealand’s premier beach towns keeps people coming – including the owners of the town’s numerous holiday homes. The town’s location gives it ready access to the country’s largest population catchment.
“This strong orientation towards domestic visitors will stand Whangamata in good stead as more Kiwis prepare to holiday at home amid Covid-19 related restrictions on international travel.”
Constructed in the 1960s, the Port Road property has an Initial Evaluation Procedure rating of 68 percent of new building standards. It is zoned Industrial (8A) under Thames Coromandel District Council’s district plan.
Ms Sammons said Whangamata’s central business district sustained one of the best shopping centres on the Coromandel Peninsula.
“The diverse, multiple commercial and residential tenancies within the block deliver a split-risk investment opportunity,” she said.
