The land and buildings housing a high-profile, long-standing shopping precinct and healthcare and beauty services hub in Whangamata have been placed on the market.
Located in the Coromandel Peninsula town's main street, the ‘classic Kiwi’ retail hub reminiscent of the 1960s and ‘70s features a rectangular shaped premises configured with the foot traffic reliant food and beverage and retail outlets facing directly onto Port Road, while the more ‘destination’ orientated commercial premises are situated on either side within the hub’s interior laneway.
A paved walkway connects the laneway commercial area of the site with car parking for 10 vehicles at the rear of the premises. The car park is accessed by an established private service lane running parallel to Port Road, utilised by shops along the main road.
Customers of businesses within the single-storey block can also take advantage of the ample angled parking available on the well-patronised Port Road.
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The tenancy mix within the Whangamata CBD mall and commercial services hub includes food and beverage outlets, healthcare service providers, personal beauty and wellbeing operations, and a bank’s cash dispensing machine.
A mezzanine office space at the rear of the block is used by three tenants as shared storage space.
Split across two combined titles, the property at 606 – 608 Port Road sustains eight commercial tenancies - seven of which are currently tenanted by a mix of established businesses.
Combined, the tenancies produce annual rental income of $159,763 plus GST and expenses - with the potential to increase rental income by a further an estimated $15,600 when the single vacant premises is let.
The configuration of tenants, with some leases currently out for re-signing, includes:
-Gourmet grocery store The Foodies Pantry on a current lease generating rental of $36,600 per annum plus GST and operational expenses
-The Beauty Company Whangamata on a current lease generating rental of $12,991 per annum plus GST and operational expenses
-Physiotherapy practice Habit Rehabilitation on a current lease generating rental of $15,750 per annum plus GST and operational expenses
-Budget household products retailer Coin Save currently on a lease generating rental of $35,700 per annum plus GST and operational expenses
-Indian restaurant Chilli Cove on a current lease generating rental of $36,160 per annum plus GST and operational expenses
-A Kiwibank cash dispensing machine on a lease generating rental of $20,000 per annum plus GST and operational expenses
-Cycle parts and equipment retailer Highline Mountain Biking Whangamata on a current lease generating rental of $10,800 per annum plus GST and operational expenses.
The land and buildings at 606 – 608 Port Road in Whangamata are now being marketed for sale by auction on May 2 through Bayleys Whangamata.
Salesperson Josh Smith said the block consisted of 1,208-squre metres of buildings sitting on some 1,544-square metres of freehold land zoned commercial under the Thames Coromandel District Council plan.
Smith said the diverse tenancy mix within the location delivered a well-balanced split risk investment opportunity – with the opportunity for any new owner to either occupy the final remaining site for their own business, or to lease out the space and thereby add to the overall revenue stream.
Thames Coromandel District Council’s Long Term Plan notes that as the largest settlement on the eastern side of Coromandel Peninsula, Whangamata has a resident population of 4,778 people – an increase of 693 residents since the 2013 census. The report notes that many of the urban township’s 5,374 dwellings are used as holiday, or secondary homes.
Figures from Statistics New Zealand show that employment growth in Whangamata’s catchment area averaged 2.6 percent annually in the 10-years to March 2023, compared with 2.3 percent per annum across the national economy.
Retailing was the second largest employer of people in the Whangamata area in 2023 – supporting 18.6 percent of the population, coming in behind the construction sector which employed 22.2 percent of workers in the locale.
The Statistics New Zealand data also shows that the Greater Whangamata area has 759 businesses trading as of 2023 - up 1.2 percent from a year earlier. Growth in the number of business units in the wider Whangamata community averaged three percent per annum over the past 10 years - compared with a figure of 2.3 percent annually in the national economy.
Whangamata is located some 1.5 hours’ drive from Tauranga, two hours drive from both Hamilton and Auckland.
- Supplied by Bayleys
