Well-known medical centre property in the heart of Rotorua
A well-known medical centre property in the heart of Rotorua has been placed on the market through Colliers International.
Lakes Care was conceived in the early 1990s by a forward-looking consortium of local on-call GPs, who recognised the need for a centralised after-hours medical facility in Rotorua.
Previously, residents needing after-hours GP care had to travel to whichever surgery the on-call doctor was based at.
In 1992, the group of GPs set about developing a new practice on a former car parking site at 1155 Tutanekai Street in Rotorua’s CBD.
They engaged an Auckland architect, who incorporated styles from other buildings in the area at the time – hence the quirky tower on the Arawa Street corner, to mirror the old Post Office building and District Council towers.
The GPs soon realised the centre should also be staffed during the daytime to make the most of the building and its central location.
Soon, various local specialist consultants also took space in the building – and Lakes Care became the central medical hub it is today.
Colliers International has been exclusively appointed to market 1155 Tutanekai Street for sale by deadline private treaty, closing at 4pm on Thursday 25 July, unless its sells earlier.
Mark Rendell of Colliers Rotorua says it is an opportunity to acquire what is arguably one of the biggest investment opportunities to come to the local market for some time.
“This top-quality, recently upgraded, A-grade building is fully tenanted with five medical leases in place, with terms ranging between five to 10 years.
“The property is anchored by Lakes PrimeCare – the accident and urgent medical care facility that emerged from the original consortium.
“It is supported by Lakes Care Pharmacy, TRG Imaging, Lakes Care Dental and the Rotorua General Practice Group. Together, the tenants return $405,702 plus GST in net annual rent.”
The property has a net lettable area of 2,278sq m on a freehold site of 2,982sq m. It is zoned City Centre 1, which allows for a range of redevelopment options in the longer term.
Mathew Gibbard of Colliers Rotorua says the prime Rotorua CBD location is bolstered by a large, 56-space rear car park.
He says the building is still owned by a co-operative of local medical identities, including some members of the founding consortium, but it hasn’t always been smooth sailing for the vendors.
“In April 2017, a fire caused extensive non-structural smoke damage to part of the building,” Gibbard says.
“The property has since been fully refurbished to a state-of-the art standard and is now presented to the market in immaculate condition.
“This presents a chance for a new owner to take advantage of the significant upgrades, which have revitalised the property as a truly A-grade passive investment in an unbeatable central location.”
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