This retail property is on a major arterial route.
A strategically located retail property, leased to a cafe, restaurant and hair salon, with a proven rental growth record in Mount Maunganui, is for sale by private treaty at an asking price of $2,570,000 plus GST, if any.
Brendon Bradley, of Bayleys Tauranga, says the premises represent a split-risk asset
investment rarely seen on the open market in Maunganui Rd, a major carriageway for Mount Maunganui traffic from the eastern districts of the Bay of Plenty.
"Location is definitely the key word here, underpinned by the fact that the property has shown exceptional rental growth over the past 18 years," says Bradley.
"Forming an integral part of the Phoenix retail precinct, where tenancy demand constantly exceeds supply, the owner says the property has been 100 per cent tenanted without one day of lost rental revenue since it was purchased in 1994. This is reflected in the proven and constant rising rental stream that has produced phenomenal 187 per cent growth in income, with associated capital gain, over that 18-year period."
The property at 107-111 Maunganui Rd, is a single storey retail building of approximately 350sq m with three tenancies on a 710sq m site. The original portion of the building was erected in 1935 with alterations and additions over time, the last in 1972.
