The land and buildings housing the most prominent retail block in a bustling seaside township – containing a high-visibility pharmacy and adjoining bakery, along with a barber shop – have been placed on the market for sale.
Located on the corner of Albert and Monk streets along Whitianga’s main retail strip - which delivers substantial foot traffic - the property consists of some 500-square metres of buildings in two adjoining premises, sitting on approximately 595-square metres of land.
Within the block is one of the town’s biggest chemist shops, A and B Pharmacy, one of the town’s busiest baked goods retailers, Bay Bakery, the sharp scissors of Bar Barber, boutique fashion outlet Eye Spy, and tourism operator Glass Bottom Boat which has enjoyed a buoyant summer trading this year.
Combined, the three leading tenancies within the block generate annual income of $74,809 plus GST and operating expenses, comprising:
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-A and B Pharmacy on a current two-year lease with four further two-year rights of renewal, returning $43,200 plus GST and operational expenses per annum
-Bay Bakery on a current three-year lease with three further three-year rights of renewal, returning $16,209 plus GST and operational expenses per annum
-Bay Barber on a lease, returning $15,400 plus GST and operational expenses per annum.
Part of Mercury Bay Pharmacy’s premises is sub-let to Eye Spy, while Bay Barber sub-lets part of its premises to Glass Bottom Boat.
Upstairs above the retail outlets is a residential apartment which does not meet the Healthy Homes standards, and is currently vacant.
The retail shops within the block overlook a wide promenade-like pavement around their apex, with ample street parking on both Albert and Monk streets for customer parking in the heart of this Coromandel Peninsula township.
The prominent freehold land and buildings at 28 Albert Street and 32 Monk Street in Whitianga are now being marketed for sale at auction on March 14 through Bayleys Whitianga.
Salesperson Josh Smith said the multi-tenanted premises with their diversity of tenants, offered a split risk investment opportunity in the very centre of Whitianga’s central business district.
He said the property’s appeal was further enhanced by the potential to increase revenue by reconfiguring the vacant first floor space.
“The obvious opportunity is to undertake the necessary building work required to meet the Healthy Homes standards, and rent out the unit as prime short-term or long-let accommodation, or to convert it into commercial office space,” Smith said.
“The well-maintained and visually-appealing properties are located within Whitianga’s pedestrian core zone which allows for 80 percent site coverage and a build height of up to 12-metres – sanctioning land banking for future developments while concurrently generating a return on investment.”
Thames Coromandel District Council’s 2021-2031 Long Term Plan recognises that some towns within its jurisdiction, including Whitianga which is the biggest town on the peninsula’s eastern seaboard, are “currently experiencing growth pressures.”
“In terms of population growth to 2029, Mercury Bay ward (which includes Whitianga) is projected to experience the greatest growth in population,” the council report notes.
“The council recognises that growth and development are ongoing in the district and will continue over the period of the 2021-2031 Long Term Plan. The council is keen to encourage new growth and development.”
Smith said the population growth forecast bode well for retail activities in the Albert Street/Monk Street precinct.
- Supplied by Bayleys
