The land and buildings housing a “fashionable” mix of retail and commercial tenancies, along with a variety of marketing orientated businesses, have been placed on the market for sale.
The property at 185 – 187 Maunganui Road in Mount Maunganui, named Steele Building, contains three street level retail outlets and three companies involved with creating graphic artwork used for promotional and marketing branding.
The 522-square metre, two-level Steele Building sits on 918 sqm of rectangular shaped freehold land zoned for commercial use under Tauranga City Council's plans.
In addition to the main building, there is also a converted and refurbished 86 sqm garage/studio at the rear of the premises which is let out on a commercial basis.
Combined, the six commercial tenancies within 185 – 187 Maunganui Road generate a combined rent roll of $154,745 plus GST.
Salesperson Brendon Bradley says the building's floorplate and positioning was reflective of many neighbouring commercial properties in the area sitting directly onto the busy retail strip.
The northern end of Maunganui Road, where Steele Building sits, contains the Mount's main proliferation of retail tenancies sustaining high street shopping, featuring a mix of fashion outlets, gift shops, art galleries, cafes, bars, restaurants and amenity businesses.
The property's commercial zoning allows for potential future redevelopment of up to 12m high in a mixed use format.
“Already there are multi-storey apartment blocks emerging in this part of the Mount along the inner harbour aspect of Mount Maunganui,” says Brendon.
He says the future use development covenant would allow for an additional three storeys of either commercial or residential premises to be built above the existing street frontage level.
“In its current configuration, there is potential to generate additional income from the site by leasing out some of the additional nine non-designated car parking spaces at the rear of the premises,” he says.