A boutique hotel, luxury apartments, entertainment centre or educational academy are among new uses mooted for a landmark former cinema complex for sale in Mt Maunganui’s CBD.
The four-storey freehold building for sale at 249 Maunganui Road has been a go-to destination for a generation of local movie lovers, most recently as Event Cinemas Mt Maunganui.
It sits in a prime position with 25m of main-street frontage in the heart of the town’s busy hospitality and entertainment strip.
Its listing for sale has prompted speculation about the next episode for a site which commercial real estate experts say is ripe with potential for reuse or mixed-use development virtually unrivalled by any other site in town.
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Bayleys salesperson James Ross says now is the time for redevelopment opportunities in this location.
“Vacancies currently sit below 1 per cent for both retail and office space and there has been no new hotels or apartment developments built for many years, leaving a demand not currently met,” he said.
The property is being marketed for sale by deadline private treaty closing on Wednesday 8 December, through Bayleys Tauranga.
Ross said the approximately 1824sq m cinema complex was purpose-built in 1998 on a site of 1219sq m.
“A site of this size for sale in such a prime, central location is a genuine rarity. With its main-street profile in the beating heart of Mt Maunganui, this property presents an opportunity that will attract wide interest from investors, land-bankers and developers alike.
“Potential buyers will be mulling a multitude of future possibilities which could be brought to life by modifying or redeveloping this site.”
The site’s flexible Commercial zoning under Tauranga City Council’s district plan allows for a myriad future uses.
“Designed to promote a vibrant, mixed-use commercial centre, this zone provides for residential projects as well as numerous forms of commercial or retail development,” said Ross.
Future occupiers would gain further benefit from the site’s dual access from Maunganui Road and Bounty Lane along with an attractive outlook over the expansive green space of Coronation Park.
The existing cinema complex features a large open-plan foyer on the ground floor, along with two offices, built-in counters, a storage room and large bathrooms.
A sweeping staircase leads to the first and second floors, which house four theatres, a projection room, various storage areas, a kitchenette and bathroom, together with a small flat.
Level three contains another projection room, plus storage and access to the roof.
There are nine on-site car parks, some at the rear and some under the building.
Ross said a lease over part of the ground floor to a health and fitness hub would present new owners with an immediate income while they investigated their options.
Float Fitness pays net annual rent of $41,720 a year for its 143sq m premises on a lease that runs through to 2023.
“Whatever this site’s future uses, there could be few better locations – with maximum exposure amid the lively cafes, restaurants and shopping on Mt Maunganui’s main CBD strip.
“It’s only minutes to the Mount’s famous beach, the inner harbour and the iconic Mauao/Mt Maunganui itself.
“Conveniently positioned on the main bus route, the site also offers easy public transport connections across greater Tauranga,” Ross said.
- Article supplied by Bayleys
