The multi-purpose land and buildings housing a diverse mix of retail and commercial operations in a bustling provincial town have been placed on the market for sale.
The prominent corner block in Waihi on the Coromandel Peninsula encompasses one of the most diverse tenancy schedules in the area – with some 1,050-squarre metres of building space sitting on approximately 1,009-square metres of land.
The premises at 25 Seddon Street in the hub of Waihi’s central business district has three tenants – food and beverage operator Subway, The Waihi Town Cats Charity Shop, and the Healthwise Energy Centre. Combined, the tenants generate revenue of more than $60,000 per annum.
Flagship cornerstone tenant Subway has been trading from the site since 2004, and is on a current six-year lease with three further six-year rights of renewal generating annual rental of $21,855 plus GST and operating expenses.
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The store has been maintained to a high standard in keeping with Subway’s brand standards for its operators.
Meanwhile, the neighbouring community-focussed Waihi Town Cats Charity Shop which is well supported by animal lovers in the area, is on a current three-year lease with five further three-year rights of renewal generating annual rental of $32,000 plus GST and operating expenses at its 170-square metre portion of the block.
The self-contained office suite tenanted by spiritual health and wellbeing clinic Healthwise Energy Centre is on a month-to-month basis generating annualised rental of $6,240 plus GST.
The property also sustains self-storage business Lock N Store which is owned and operated by the property owner. Lock N Store’s storage lockers in three sizes are let on a week-to-week basis.
The freehold land and building at 25 Seddon Street at the intersection with Moresby Avenue in Waihi, are now being marketed for sale at auction on July 11 through Bayleys Ngatea.
Salesperson Josh Smith said the high-profile location of the property suited the operational needs of all three tenants within the premises, as well as the self-storage business.
“Both Subway and the Waihi Town Cats Charity Shop benefit from the property’s location in the heart of Waihi’s central business district with a solid foot traffic flow along the wide pavement outside, and bolstered by ample street parking immediately outside on both Seddon and Moresby streets,” said Smith.
“Subway’s expansive street-facing windows are part of its successful brand-wide marketing to customers – enabling passersby to see the menu range on offer, while the cat charity next door uses some of the Seddon Street pavement space for displaying clothing and furniture items for sale in a café-like format which resonates warmly with Waihi locals who appreciate the community feel the business brings.
Smith said that an under-utilised metalled yard at the rear of the site – with commercial vehicle entrance off Moresby Avenue – also had the capacity to sustain additional storage units, which could easily be as big as shipping containers. The site could also be redeveloped – capitalising on its prime location in the middle of Waihi.
“Such a format could also appeal to a ‘tradie’ owner-operator looking for large storage capacity for their goods and materials in a handy location, or for trailer or commercial caravan parking,” he said.
Seddon Street is part of Stater Highway 2 which links State Highway 1 to the north with Tauranga to the South. Waihi is one of the biggest service towns in the district – servicing the nearby Waihi Beach/Athenree/Bowentown residential communities, as well as the surrounding rural population, and the high volume of tourist traffic transiting through the locale.
- Supplied by Bayleys
