A town centre business premises, jointly tenanted by a national real estate agency and a popular and busy superette-style supermarket, has been placed on the market for sale.
Located on the corner of Albert and Campbell streets along the main retail strip of Whitianga on the Coromandel Peninsula, the single-level property consists of a 400-square-metre building in two adjoining premises that sit on approximately 665 square metres of land.
Combined, the tenancies within the block generate annual income of $74,820 plus GST and operating expenses.
Real estate agency Harcourts Whitianga’s property management division is on a current lease with three further three-year rights of renewal, returning $27,100 plus GST and operational expenses per annum. Part of Harcourt’s tenancy is additionally sub-let to financial advisory and insurance consultancy Malcolm Carr Financial Services.
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Mini-supermarket Mercury Bay Foodmarket on a current five-year lease with three further five-year rights of renewal, returning $47,720 plus GST and operational expenses per annum.
The high-profile commercial and retail premises within the block overlook a wide pavement with ample street parking immediately outside for customer parking, and additional parking spaces on the other side of Albert Street.
The prominent freehold corner site land and buildings at 79 Albert Street in Whitianga are now being marketed for sale at auction on July 11 through Bayleys Whitianga.
Salesperson Josh Smith said the multi-tenanted premises overlooked one of the town’s busiest intersections – delivering high foot and vehicle traffic flows for tenants.
He said the well-maintained and visually appealing premises sit within a block that also features a Paper Plus stationary outlet and the residential property sales office of Harcourts. This operates separately from the brand’s property management division.
The Albert Street address is zoned for commercial use under the Thames Coromandel District Council plan.
“All tenants within the property take full advantage of the signage advertising and expansive branding opportunities available both at street level and on the eves hanging above the pavement to promote their brands,” he said.
“Anchor long-term tenant Mercury Bay Foodmarket is a superette-style neighbourhood supermarket – stocking shelves of food and beverage basics alongside rudimentary household supplies for customers doing a ‘quick shop’ to stock up on necessities,” Smith said.
“The bountiful amount of public parking for vehicles immediately outside the superette underpins the convenience nature of the Mercury Bay Foodmarket.
“Meanwhile, next door’s commercial office space features a clean-lined open plan office layout in a modern decor format – befitting of the two public-facing entities which compatibly operate from the shared space, with discreet staff amenities at the rear.
Smith said the Albert Street property’s straightforward design and configuration, combined with its prime location near the centre of Whitianga, would be attractive to ‘mum and dad’ style property investors looking to get into the commercial real estate sector in a prospering provincial town with well-known tenants in place.
Whitianga as a resort town – with its central business district and surrounding population – is the biggest town on the Coromandel Peninsula’s eastern seaboard and is highlighted in Thames Coromandel District Council’s 2020-2030 Community Plan as being one of the fastest-growing towns within its administrative area.
“Retail, fishing, tourism, hospitality and the education sector are the main sources of income in the Whitianga community,” the council report notes, with approximately 30-40 percent of the town’s income generated by the annual summer influx of visitors.
Multiple social infrastructure projects are on the drawing board for Whitianga within the council’s long-term plan, including:
-Ongoing development of the Mercury Bay Multi-Sports Park
-Construction of car parks at Monk Street just a short distance from Albert Street
-Upgrading Whitianga town hall’s amenities
-Installing security cameras in the town’s central business district
-Establishing assisted-living and low income/pensioner housing hubs and,
-Increasing pedestrian and cycle access across the township.
“The long-term visions which Thames Coromandel District Council has for Whitianga, combined with the town’s increasing attraction as a recreational fishing destination, bode well for both business and commercial property owners in the locale,” said Smith.
“The town’s economic prosperity has an automatic trickle-down effect on employment opportunities within the area’s population, and as such there is a lot of positivity amongst the psyche of locales.”
- Supplied by Bayleys
