Bethlehem shops to star at auction

The Ridge Plaza retail shopping centre at 2 Jude Place. Photo / Supplied

A four-year-old, single-level urban shopping centre with seven shops, is for sale in Tauranga.

The Ridge Plaza retail shopping centre at 2 Jude Place, Bethlehem, has seven shops with six tenants, on a rectangular 2088sq m freehold site. The centre's 953sq m concrete tilt-slab styledbuilding was constructed in 2015.

The fully-tenanted L-shaped complex has a New Building Standard seismic rating of 100 per cent.

It will go to auction through Bayleys Tauranga on November 28, and features in the latest Total Property portfolio magazine. Salespeople Brendon Bradley, Lynn Bradley, and Ryan Bradley say the tenancies offer a good mix.

"Diversity of non-competing businesses, combined with a long-term tenancy schedule, ensures an attractive split-risk investment with solid growth potential," says Brendon Bradley.

The six tenancies, which generate combined annual income of $155,575 plus GST include:

• scrapbooking and crafts supply shop Craftables Ltd, occupying 216sq m of floor space on a lease expiring in 2021, with two further three-year rights of renewal, paying rent of $38,744 plus GST per annum;
• the Burnt Fig Cafe, occupying 90sq m of floor space plus 49sq m of front courtyard, on a lease expiring in 2020 with five further two-year rights of renewal, paying rent of $19,800 plus GST pa;
• a new gift shop occupying 98sq m of floor space, on a lease expiring in 2021 with two further three-year rights of renewal, paying rent of $19,600 plus GST pa;
• Millers Rd Superette occupying 98sq m of floor space, on a lease expiring in 2021, with two further three-year rights of renewal, paying rent of $19,600 plus GST pa;
• Hair to Stare beauty salon occupying 98sq m of floor space, on a lease expiring in 2021, with two further three-year rights of renewal, paying rent of $18,631 plus GST pa; andalso, occupying an adjoining 98sq m of floor space on a separate lease expiring in 2021 with two further three-year rights of renewal, paying rent of $19,600 plus GST pa;
• Total Rehab Physio, occupying 99sq m of floor space on a lease expiring in 2020 with two further three-year rights of renewal, paying rent of $19,600 plus GST pa.

There is parking for 21 vehicles within the property, with room for another 13 on the road outside. A five-metre wide service lane running along the rear perimeter enables deliveries to be made during working hours without disrupting customers. Parking spaces for tenants are allocated along the edge of the service lane, says Bradley.

The block has concrete slab foundations; concrete panel floors and walls; Colorsteel roofing; aluminium joinery and suspended soft board ceilings to a three-metre stud-height.

Vehicular access is off Jude Pl, with an exit on to Millers Rd. The site is zoned Commercial Business under the Tauranga City Plan.