A multi-tenanted investment property in the “trout fishing capital of the world”, Tūrangi, is for sale with location firmly on its side.
Located right in the town centre on a substantial 5,592sqm site at 277 Te Rangitautahanga Road, the property was formerly home to the iconic DB Tūrangi
built in the 1960s.
It was subsequently refurbished in 1989 and has seen various alterations over the years, being reconfigured in 2014 as four separate tenancies and undergoing additional upgrading.
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Today the land and buildings support four businesses catering to both the local community and travellers passing along State Highway 1.
These include Four Fish Liquor Centre – the town’s only off-licence liquor outlet, Hydro Café, Tūrangi Tavern, and My Home variety store, with tenants on varying leases and the property returning an annual net income of $231,100 plus GST.
The freehold land and 1,640sqm buildings represent a significant holding in the town and leverages off good exposure to adjoining neighbours New World supermarket, Z Energy service station and Burger King located on SH1. These generate huge traffic flows to this location.
The property is owned by a family trust and is being marketed for sale by Deadline Private Treaty closing Wednesday 15th March 2023 via Karl Cameron, Bayleys Manawatū and Maurice Heappey, Bayleys Tūrangi.
Cameron said the large landholding is well-positioned with very good access.
“A lack of available retail and service space with this strong presence, profile and parking means it will always be popular with tenants, and if it’s location and income an investor is after, this site can’t be surpassed.
“With 75 car parks, the property boasts more carparking that any other commercial space in Tūrangi, and the fact that well-known national brands like Z Energy and New World are neighbours, underscores the quality of the offering.”
With strong attachments to Tūrangi, Heappey said he remembers the old DB Tūrangi from the 1960s and he expects the offering to attract good interest.
“While very much fit-for-purpose for its current tenants, the property may also appeal to a developer who might view the generous-sized site through a long-term lens for its redevelopment potential in time.”
Heappey said commercial or industrial land in the town with any scale is scarce and given the site’s optimal profile to SH1 and its convenient place within Tūrangi’s commercial heart, it’s a box-ticker for cashed-up buyers.
“It’s easy to focus on Taupō when talking about the central plateau area, but Tūrangi is a quiet achiever and has retained that classic Kiwi vibe that is endearing.
“This property would have to be one of the best in the area, and for a long term hold – very hard to beat.”
- Article supplied by Bayleys
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