A two-level commercial building, filled with four well-known food service outlets and occupying one of taupo's best lakefront positions, is for sale by tender.
The property at 10 Robert St, Taupo, is opposite the foreshore and has unobstructed views of both the lake and the mountains of Tongariro National Park in the distance.
Owned by a group of private investors, the building is fully tenanted to high-profile eateries Taste Cafe, Lava Rock, Indian Delights and Subway.
The total is $263,957 a year plus GST, with the vendors stating that Subway has signed up a new 12-year lease and that the average lease term of the tenancies is 6.6 years.
Mike Houlker of Bayleys Auckland and Gary Harwood of Bayleys Taupo are offering the property for sale as part of Bayleys Total Property portfolio, with tenders closing at 12 am on Thursday, December 6, at Bayleys Auckland Central office, 4 Viaduct Harbour Ave, Maritime Square, Auckland, unless it sells before that by private treaty.
The freehold property is a substantial double-storey building of 1117sq m on an 877sq m site.
"Originally built in the 1980s with various extensions and refurbishments undertaken during the subsequent years, the vendor's valuers have apportioned the total building areas as 562sq m ground floor, 375sq m first floor and 180sq m of verandas and balcony," Houlker says.
"There are eight on-site carparks and access to nearby public carparks."
Prominent neighbouring businesses include KFC, Lone Star, Burger Fuel and Bayleys Taupo office.
"Seldom does a property become available in this location and with such an excellent tenant profile, along with potential for future added value," Houlker says.
"This is Taupo's No1 position in the heart of the holiday town's tourism and hospitality hotspot."
The recently completed East Taupo Bypass and realignment of State Highway 1ne has alleviated heavy traffic flow along Lake Terrace, allowing greater connectivity between the restaurants and the lake.
Geographically, the town centre is constrained by the lake, river and main arterial road, providing a compact central retail and service hub.
"Businesses with food and beverage do well in this prime lakefront position," Harwood says.
"The vendors' valuers have also advised that there is future redevelopment potential by converting the upper floor to apartments.
On offer: Large commercial retail building.
Address: 10 Roberts St, Taupo.
Location: Lake Taupo waterfront.
Feature: Four strong brand tenancies.
Sales method: Tenders close December 6 at Bayleys Auckland.