The land and buildings housing a seaside town’s most popular fish and chip shop – along with several other commercial tenancies – have been placed on the market for sale.
The high-profile property in the centre of the Coromandel town of Whitianga contains the popular Snapper Jacks fish and chip shop, along with a designer homewares and fashion boutique and, and the office of a home construction company.
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 500sq m of buildings in two adjoining premises, sitting on approximately 508sq m of land.
Most of the ground floor facing the pavement is occupied by Snapper Jacks, which operates both dine in and takeaway menu options catering for traditional Kiwi tastebuds including milkshakes made with ice cream.
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Home building franchise firm GJ Gardner occupies the middle portion of the street-fronting retail space in addition to its office space above, while boutique homewares and fashion outlet Gathered & Co occupies the third retail space as well as the first floor office above its shop.
The remainder of the block’s upper storey contains several small offices accessed by a private stairway entrance off Monk Street.
Combined, the tenancies within 26 Albert Street generate annual rental revenue of approximately $85,031 plus GST, and include:
-Snapper Jacks on a lease running through to 2024 with one further six-year right of renewal and a second five-year right of renewal
-GJ Gardner on a lease running through to 2023 with two further two-year rights of renewal
-Gathered & Co on a lease running through to 2023 with three further three-year rights of renewal
-Multiple small office tenancies on month-to-month leases.
The prominent freehold land and buildings are being marketed for sale at auction on March 10 through Bayleys Hamilton.
Salesperson Josh Smith said the split-risk tenancy configuration of the property was enhanced by future development potential for the shared office space on the first floor.
“Subject to council consents, there is the potential to convert the first-floor office space into one or two high-end residential apartments suitable for letting through the likes of Air BnB, or for occupation by an owner,” Smith said.
“There is already bathroom plumbing in place for the current office tenancies, and the axis aspect off the building with two street frontages, means any potential commercially-operated residence or residences would have great views over the bustling retail hub below.”
Tenant car parking and goods delivery access for the commercial tenancies are located at the rear of the property - accessed by a driveway circling around the edge of the building. Meanwhile, there is plenty of customer parking available immediately outside both the Albert Street and Monk Street shop entrances.
The two-storey block has a new building standards rating of 70 percent.
Thames Coromandel District Council’s 2018-2028 Long Term Plan identifies that Whitianga is one of two towns in the province to experience the biggest growth in the number of homes being built. The other township is Tairua.
“The projected dwelling and rating unit growth rate (for Whitianga) is higher than population projections due to the on-going growth in holiday homes. Mercury Bay (which includes Whitianga) is projected to experience the greatest growth in population,” the statistics-based council report noted.
Meanwhile, the council’s Economic Development Strategy Towards 2028 paper, notes: “The Thames-Coromandel area is currently experiencing higher than projected population growth from net migration as people look to districts, such as the Coromandel, for more affordable housing options and an improved lifestyle.”
Smith said the solid population growth forecast by the two reports bode well for retail activities in the Albert Street property – particularly with the GJ Gardner office likely to be involved with a proportion of new house building activity in the district, and new residents enjoying the comestible delights of Snapper Jacks.
- Article supplied by Bayleys
