Shopping blocks for sale at Te Aroha and Matamata accommodate retail tenancies including a bank, bedding store, kebab shop and photography studio.
The two Waikato shopping centres, featured in Bayleys' latest Total Propertyportfolio magazine, will be auctioned consecutively at noon on March 7, through Bayleys Hamilton.
The property at 149 Whitaker St, Te Aroha, is a character building rated at 100 per cent of new building standards, sitting on 505sq m of freehold land.
Whittaker St is Te Aroha's main shopping precinct. The distinctive property, Lovegrove's Building, has three tenancies stretching across different segments of the retail sector and generating more than $39,000 of rental income annually.
• a BNZ branch, on a lease running through to 2021, with three further three-year rights-of-renewal, generating net annual income of $15,000;
• a Fez Kebab Shop, on a lease running through to 2021, with two further three-year rights-of-renewal generating annual net income of $15,000; and
• Don Edwards Photography and Te Aroha Jewellers, on a lease running through to later this year, with three further three-year rights of renewal, generating an annual net income of $9173.
Mike Swanson of Bayleys Hamilton says Lovegrove's was built in the 1920s, and structurally upgraded and re-roofed in 2006. It is in Matamata-Piako District Council's heritage-character business zone.
"Ample parking enables towns like Te Aroha to retain rural character and appeal;and neighbouring commercial tenancies in Whitaker St are used by the community on a regular basis." Swanson says.
The second provincial Waikato property for sale — 41 Waharoa Rd East, Matamata — comprises a 180sq m single-storey retail premises on a landholding of a similar scale to a "big box" shopping complex.
The building is tenanted by bedroom furniture shop Beds4U, which is on a lease running through to the end of this year, with two further three-year rights-of-renewal, generating annual income of $30,000 plus GST.
Beds4U is a New Zealand owned and operated chain with 10 specialist sites trading across the North Island. Other tenants within the complex include low-cost gift and household items retailer Coin Save, The Warehouse, New World supermarket and Postie Plus.
Swanson says there is parking for 160 vehicles within the precinct. The tilt-slab building was constructed in 2017 and has a new build standards rating of 100 per cent.
"This apex location benefits from high foot traffic numbers, drawn into the greater shopping complex by neighbours either side, The Warehouse and Coin Save," he points out.
"And the modern open plan interior layout of Beds4U's displays stock to its best potential."