•As of 1 October 2024 returning $48,480pa +GST/OPEX
•70% IEP rating
•Five car parks at rear
•Prime main street exposure
Our vendors have parted ways and urgently require the property to be sold to allow them to move on in their own directions. This property presents an urgent investment opportunity, generating $48,480 per annum + GST/OPEX as of 1 October 2024. Built in 1985 by the vendor and his father for their family book business, the building has evolved into a versatile commercial space, currently serving as offices for Bayleys Whangamata. The property features an open-plan layout thoughtfully partitioned into multiple office spaces, with five convenient car parks at the rear and excellent main street exposure.
The lease details are attractive, with Bayleys Whangamata as the tenant under a five-year term, with three additional five-year renewal options. A rent increase is set to take effect on 1 October 2024, with market reviews every two years thereafter. This long-term tenancy by Bayleys, New Zealand's largest full-service real estate company, underscores the property's high tenant retention and stability.
Located in a strategic position within Whangamata, the property offers excellent visibility and accessibility. The urgency of the sale due to divorce presents a unique opportunity for investors to acquire a valuable asset in a prime location. Tenanted by Bayleys, marketed by Bayleys, and to be auctioned by Bayleys, you can stick with the brand you trust for a seamless and professional transaction.