"Growth and the popularity of the area have resulted in low vacancy rates, well below the city's average and resulting in rising land values.
"This is an excellent passive investment property for an investor looking for stability of income and value growth."
Constructed in the 1970s, the property comprises three office-levels, plus ground floor retail.
"Two street frontages provide exposure to New Plymouth's premier retail strip, as well as drawing foot traffic from among those headed toward the public library and award-winning Puke Ariki Museum.
"Nestled among such vital landmarks promises to future proof the property and suggests prospective residential conversion."
The property has a net lettable area of 828sq m and earns total net rent of $153,240 per annum.
Carroll says it offers some of the best office space in New Plymouth, which is evidenced by the high-calibre of tenants it has attracted.
"The building has four outstanding tenants with staggered lease expiries offering add-value opportunities through rent growth and development."
The tenancy schedule comprises:
• ArtHaus which has occupied the Devon Street West frontage since 2007 and provides art, home decor and gifts.
• Poppies, a well-known and popular book store franchise, that has been operating out of the ground floor of the King St frontage since 2008.
• Datacom, one of Asia Pacific's locally owned IT-based service providers, which started with half a floor in 2015 and has since expanded to two full floors.
• TenderWatch, a large Australian privately-owned tender solutions provider, which recently secured a four-year lease over the top floor of 7 King St.
The property has an A-grade seismic rating and is zoned Business A Environment.
Architecturally designed from 1974, it has since been re-roofed and undergone extensive refurbishment inside, says Carroll.
He says Taranaki is experiencing high growth in population, businesses and employees.
