The Liquorland outlet occupies 208sq m of the property and is on a six-year lease through until 2019 with eight further three-year rights of renewal. The franchised outlet, owned by Foodstuffs New Zealand Ltd, is part of a nationally-branded formed in 1981 that now has 70 Liquorland stores nationwide.
The adjoining Don Kebab takeaway business occupies 131sq m and is on a five-year lease through until 2019 with two further five-year rights of renewal. "The Don Kebab store is a stand-alone operation which has just begun slicing and dicing its Mediterranean-styled wrap snacks at the Redwood Centre," Rendell says.
Redwood Centre has communal parking for 205 vehicles and operates under a body corporate management structure.
All buildings within the development are constructed of tilt slab concrete with long run steel roofing and have certification for 100 per cent of New Building Standards (NBS).
Rendell says the continuing process of "drip feeding" Redwood units on to the market is part of the developer's business model.
Among the tenancies which have been sold are: Burger Fuel, the Anytime Fitness gym, Domino's pizza, the pharmacy and physiotherapy practice, Couplands butchery, Mt Tarawera Fruit and Vege, and most recently Bin Inn, which sold at auction in July.
Most buyers of Redwood units to date have come from the Greater Bay of Plenty region, with only one Auckland-based investor purchasing a premises.
"The 100 per cent sell down of the Redwood Centre to date means it has been among Rotorua's most successful commercial project for decades - reflecting the sustainability and attraction of its location, the quality of a modern build, and the spread of tenants occupying the development," Rendell says.
"From an investment perspective, the sites within Redwood really do tick all the boxes, and have shown to deliver excellent rental yields."
