A retail premises in the heart of one of New Zealand's premier cycle trail and antique/collectibles shopping destinations is for sale.
The property at 48 Belmont Rd, Paeroa, comprises a retail site of 210sq m on 281sq m of freehold land which is being marketed for sale at auction on November 9 through Bayleys Hamilton.
Featured in Bayleys' latest Total Property portfolio magazine, the unit is tenanted by the $1 $2 $3 Awesome shop, which sells an array of gifts, knick-knacks, kitchen and bathroom utensils, cards, and party supplies.
The tenant is trading on a two-year lease, expiring in 2018, with one further two-year right-of-renewal. The property generates annual rent of $18,000.
The premises neighbours are a conventional dairy on one side and a Kiwibank and New Zealand Post branch on the other.
Belmont Rd is part the main road running through Paeroa, State Highway 2, linking the township with the Bay of Plenty to the east and Auckland to the north-west. The property is zoned commercial 8A.
Bayleys Hamilton salesperson Josh Smith says Paeroa's general economy has prospered over the past two decades - firstly building a reputation for antique and collectible shops trading along Belmont Rd, and more latterly from the phenomenal growth of the Hauraki Rail Trail.
"Once the main reason tourists would stop in town was to grab a photograph with the giant Lemon and Paeroa bottle," Smith says.
"Then in the 2000s Paeroa began taking on rural neighbour Tirau as an arts and collectibles destination. Over the ensuing years it has slowly but pulled ahead in that competition.
"There are now about 20 antique and collectible shops in Paeroa township, with such quaint names as 'Granvilles' and 'Arkwrights' - from the BBC Comedy Open All Hours - along with aptly named 'Yesterday and Today', 'Pandora's Closet' and 'Junk and Disorderly'.
"However, it was the opening of the hugely popular Hauraki Rail Trail in 2012 that took the town's appeal to a whole new level. Paeroa township sits at the pivotal apex of the trail - connecting the northern Thames route with the eastern Waihi leg, and the Southern Te Aroha stretch. It literally is the hub of the spokes in the network.
"Many business operators are calling this Paeroa's 'second gold rush' - referring back to when the rich seams within the Karangahake Gorge were yielding huge amounts of gold in the late 1800s. This cycle trail boom is far more sustainable."
The $1 $2 $3 Awesome shop has a full-width street frontage - with double opening doors - allowing unobstructed display of stock to passing foot traffic. Most of the floorspace within the high-stud premises is used for showcasing wares on shelving and aisle racks, the rear contains a small administrative office area and staff toilet. A storage area with external access is at the rear of the premises.
The upper facade features a mezzanine-style level of painted red brick, supporting single-run lean-to verandah roofing sheltering the footpath underneath. The frontage is similar to nearby premises, supporting the town's heritage feel.