Built in 1953, split into six stores in the 80’s and later subdivided back into the existing five tenancies, this Investment offers split risk income via the various rental streams, of which three are considered essential services in these COVID-19 times.
The building has recently undergone a seismic upgrade to 70% NBS.
The 20 metre street frontage sits prominently on the street and is directly opposite the local Four Square supermarket. The retail strip of Gloucester Street in Taradale has shown consistently low vacancy rates over the years, and with the more recent changes in the area including ongoing residential development and growth, this has provided an ongoing demand for a strong local service centre in the strip. There is now a high ratio of café and food with service retail also featuring in the strip, catering to the growing population of the area.
Two of the five tenancies have been in place for over five years while one has ongoing shorter-term lease options with renewals. Two newly secured tenants have been in the area for quite some time, with a recent move to this address. The one remaining vacant tenancy offers a small retail store of 76.5m² with a store and yard at the rear and parking at the door, which would suit a variety of operators.
The retail units are in a popular location on the strip and offer the benefit of parking, storage and access at the rear of the tenancies from the rear Symons Lane.
A copy of the Information Memorandum can be requested via the Secure Documents link at colliers.co.nz/p-nzl67011983.
Ref #: 20535459
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