A just-completed purpose-built, unit-titled hospitality development on The Strand, Tauranga's commercial strip along the city's waterfront, is being marketed for sale with three food service tenants already installed.
The new 1138sq m two-level development was designed by Hamilton's Noel Jessop and built by Watts and Hughes Construction. The development was undertaken by Terry Scott, of Redline Holdings, who has been behind some of the Bay of Plenty's more prominent developments.
The street retail level of 59-67 The Strand is occupied by Zaggers II Cafe, Phoenix Monteiths Craft Bar and Comida, a wine, tapas and oyster bar. The first-floor level will contain a conference and function facility including fine dining for Zaggers II Cafe.
All units feature outdoor areas, with the Comida tenancy also having an outdoor fireplace within its courtyard. There are five on-site car parks associated with the property.
"With established hospitality operators quick to sign long-term leases on space within The Strand building, and the project coming in on schedule ahead of the busy summer season, interest from property investors has been extremely positive," says Rob Pinny, of Bayleys Tauranga.
Pinny is marketing the property as four individual, fully leased retail investment units for auction at 1pm on Wednesday, December 12, at Bayleys Tauranga office, 247 Cameron Rd, unless they sell before the auction by private treaty.
The high-profile site adjoins the council-owned Masonic Park, which is in line for a major makeover to become the main thoroughfare for pedestrians from the city to the waterfront.
Pinny says the building, which is 100 per cent compliant with the current building code and seismic performance standards, has views over Tauranga Harbour and is situated in the heart of TheStrand's "Golden Mile".
"Every aspect of design and function for this hospitality hub has been conceived to maximise the relationship with the park, the busy waterfront street and, from upstairs, the harbour outlook," says Pinny.
"Huge doors open up the front and side of the building and there are expansive decks above. A large atrium staircase and lift link the two floors. The facade is quite futuristic in style with coloured slats taking on a new dimension when mood lit by night.
"The property will generate a total annual rental of $426,325 plus GST," Pinny says. "The hospitality tenants have each committed to 10-year leases with CPI rent reviews and robust rights of renewal which reflect the confidence they have in both the location and in their own abilities to make a success of their new ventures."
Comvida will be run by Luigi Barattieri, who has owned Volare Fine Dining Restaurant and Spuntinos Pizzeria Cafe; Monteiths Craft Bar is operated by Mark Lawrence, who owned the Horny Bull Restaurant which was formerly on this site; Zaggers II is the second venture for Franfray Ltd, which also operates Zaggers in Bay Central Shopping Centre, Chapel St.
"It is testament to the quality and design of this new development that all of the hospitality tenants are local restaurateurs," says Pinny.
On offer: 4 new hospitality units
Where: 59-67 The Strand, Tauranga
Sales method: By auction
When: 1pm on Wednesday, December 12
At: Bayleys office, 247 Cameron Rd, Tauranga.