Secure tenant in Red Beach hub

By Colin Taylor

Shop 9 is in a fast-growing area.
Shop 9 is in a fast-growing area.

A fully tenanted medical centre is offered for sale in Red Beach on the Hibiscus Coast, just south of Orewa, an area which is experiencing ignificant population growth.

Shop 9 occupied by Coastcare Accident and Medical Centre in Red Beach Shopping Centre, is marketed by Simon Farland and John Bedford of CBRE, by way of public tender, with a deadline of 4pm, Tuesday, July 17, unless it is sold before then.

"This medical centre, with a full accident and emergency fit-out and guaranteed rental income, is on the market for the first time since it was built," Farland says.

Built in 1999 by Argyle Estates, Shop 9 is a single level purpose-built medical centre on a floor area of 432.11sq m. Inside is an open reception area linking consultation and treatment rooms. A single waiting room in two sections handles emergency patients in one area and specialist appointments in the other.

The building also has a storage room and manager's office behind reception.

Specialist fit-out features include lead-lined walls for tenant Hibiscus Radiology. Bedford says the property is in great shape and has been particularly well-maintained.

"The condition and presentation of both Shop 9 itself and other buildings in the wider Red Beach Shopping Centre is excellent," he says. "A responsive and well-managed body corporate oversees the regular maintenance of the common areas."

The property is zoned retail, allowing a wide range of uses including health, welfare services and offices, and has a share of the common parking spaces in the Red Beach shopping development, in addition to vehicle access to the back of the property via an ambulance lane from Bay St.

The property is split into three tenancies.

A doctor's practice occupies 42.93sq m of space in Shop 9 but will soon be vacating. This will provide 372sq m of floor space with the remaining 59.11sq m occupied by Hibiscus Radiology.

"The current directors of the business have recognised the value in the Coastcare name, so they will continue to operate under that banner," Farland says.

"With personal guarantees that the existing leases and future income will be maintained, there is significantly less risk of decreased income for investors."

Bedford says the Coastcare centre offers a "high need service" to residents of Hibiscus Coast and Whangaparaoa, including patients from as far as Warkworth.

"The property is central to rapidly growing neighbourhoods, such as Gulf Harbour, Arkles Bay, Stanmore Bay, Manly, Silverdale and Orewa," he says. "New owners of the property would continue to benefit from the positive brand presence of the medical centre."

A cluster of health related businesses surround Shop 9 including Peak Pilates Physiotherapy, Lumino Dentists, Red Beach Pharmacy, and Hands On Specialist Physiotherapy, making the area a distinctly health-based commercial zone.

Other tenants in the popular Red Beach shopping centre include a restaurant, hair salon, dairy and a fast-food shop.

The shopping centre is in the northern hub of Red Beach, on a prominent corner site on Red Beach Road and Bay St.

Farland says a steady flow of locals and commuters visits it.

"The centre is very well placed for clients and customers. Red Beach itself is experiencing steady population growth with healthy forecasts."

- NZ Herald

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