The destination professional hub housing a mix of established medical and legal businesses has gone up for sale in the heart of Mt Maunganui’s CBD.
The fully leased two-storey commercial complex on Maunganui Road is anchored by the Mount Medical Centre and legal practice Abernethy Broatch Law along with a pharmacy, optometrist, dental centre and a counselling and mediation service.
The six tenancies generate a total net rental return of $321,452 plus GST and outgoings per annum.
In occupation since 1988, the Mount Medical Centre offers an extensive range of primary healthcare services, providing appointments from 8am to 6pm Monday to Friday.
Start your property search
Its approximately 407-square metre ground-floor premises with three car parks generate an annual net rental return of $135,151 plus GST and outgoings.
The current lease runs through to 2026 with two further five-year rights of renewal.
Abernethy Broatch Law specialises in residential, commercial, and rural property transactions, real estate law, business transactions, trusts, wills, and estates.
The practice occupies some 288-square metres on level one, with two car parks, generating net rental income of $74,750 plus GST and outgoings per annum.
Its current lease extends to 2024 with five further three-year rights of renewal.
The freehold land and building at 257 Maunganui Road, Mount Maunganui, is being marketed for sale by family sales team Ryan, Lynn and Brendon Bradley of Bayleys Tauranga.
Sale is by auction on Wednesday 28 September, unless the property is sold prior.
Ryan Bradley said the offering consisted of a standalone building with a total lettable area of some 1,011-square metres on an approximately 1,359-square metre site.
The property has an A-grade Initial Evaluation Procedure seismic rating of 90 per cent of new building standard.
“The building is solidly constructed on concrete-slab foundations with a concrete floor, concrete block and timber framing, and a Colorsteel roof which was replaced in 2017.
The exterior walls feature texture coating over concrete and fibre cement board, with glass brick features to the road-frontage wall.
“Originally built in the late 1980s, the complex underwent alterations to the first floor in the mid-1990s and to the ground-floor medical centre tenancy circa 2004 and 2011,” he said.
Lynn Bradley said the site was well served with 19 car parks for staff, patients and clients, and dual access with entry from Maunganui Road and exit via Bounty Lane at the rear.
“More than 30 metres of frontage to busy Maunganui Road assures tenant businesses of excellent exposure to a major arterial linking Mount Maunganui’s CBD with State Highway 2,” she said.
Positioned to the street frontage on the ground floor are long-standing tenants Pharmacy 257 and M H Rogers Optometrist, with the balance of the ground floor being occupied by Mount Medical Centre including an entry foyer to the first floor.
Each ground floor tenancy has its own toilet and staff room facilities.
The first-floor street frontage is occupied by Mount Maunganui Dental Centre along with Abernethy Broatch Law, which also occupies another tenancy at the rear.
The Mount Counselling & Mediation tenancy and amenities are located to the centre of level one. This floor is equipped with a shared common passageway and toilets, shower and kitchen facilities.
Brendon Bradley said the site’s investment credentials were further enhanced by its strategic location.
“Positioned at the southern entrance to Mount Maunganui’s CBD, this property forms part of a key Commercial-zoned precinct.
“Diverse surrounding businesses span retail, hospitality, visitor accommodation and professional offices, along with a number of apartment blocks. A new Quest hotel is under construction nearby and is due to open later this year,” he said.
- Article supplied by Bayleys
