A prominent portion of Raglan’s town centre retail strip has gone up for sale offering investors a rare foothold in the Waikato beach and surfing mecca.
The two adjacent properties for sale on the township’s main street together house five established retail tenants, including diverse local eateries, and national-brand real estate and liquor outlets.
One of them also features an upstairs apartment currently rented as an Airbnb.
Now on offer for purchase together or individually, the fully-leased sites generate a combined net rental return of more than $230,000 plus GST, rates and insurance per annum.
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The freehold properties at 25-31 Bow Street and 33-35 Bow Street, Raglan, are being marketed for sale through Jordan Metcalfe and Rebecca Bruce of Bayleys Hamilton.
They will be sold by deadline private treaty closing on Tuesday 23 April, unless sold prior.
“Commercial property on Raglan’s main street is very rarely up for sale and there’s generally zero vacancy, making these properties a rare offering and a great investment,” Metcalfe said.
“Raglan has long been a popular destination for beach lovers and surfers and it has seen sustained growth in recent years as Hamiltonians, Aucklanders, and others from further afield have awakened to its irresistible lifestyle appeal.”
Together the properties for sale contain buildings with a total floor area of approximately 480 square metres on nearly 850 square metres of land.
Both are well-maintained and have rear access with onsite parking.
With favourable lease terms, and final lease expiries ranging from 2025 to 2032, each offers a split risk derived from a diversified mix of national and local tenants.
The property at 25-31 Bow Street comprises nearly 280 square metres of buildings on a fee simple site of some 511 square metres.
It returns an annual net rent of $128,926 plus GST, rates and insurance from three tenants.
Anchor tenant Property Brokers is a national real estate business with 90 branches.
The other tenancies house popular local eateries Ali’s Turkish Kebabs and Raglan Rasoi Curry Kitchen.
The approximately 202 square metres of buildings at 33-35 Bow Street are underpinned by 334 square metres of freehold land.
The site is anchored by Thirsty Liquor Raglan, part of a chain with more than 100 outlets nationwide, along with one of the town’s first fish and chip shops, Raglan Fresh Fish.
A modern, newly renovated apartment upstairs is run as a successful Airbnb for additional income, with the option of a continued management service available.
A new owner could also choose to move in to the fully furnished, two-bedroom apartment to secure a slice of the Raglan lifestyle.
This property currently generates a total annual net rental return of circa $100,000 plus GST, rates and insurance.
Bruce said both of the Bow Street sites had significant future add value/development potential thanks to the mixed-use possibilities afforded by their Business zoning under the Waikato District Plan.
“This flexible zoning allows for a diverse range of shops, as well as offices, hospitality offerings, accommodation and more.
“The possibilities for a new owner securing a foothold here now will only increase in future as this bustling township continues to expand,” Bruce said.
- Supplied by Bayleys
