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Whakatane CBD Building

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  • 536
Property Type Other
Rateable Value (RV)
Number of carparks
Floor area of dwelling (m2) N/A
Total land area (m2)
Year property built
Asking price
Lease income (per annum)
Does the tenant cover rates N/A
Does the tenant cover insurance? N/A
If the tenant does NOT cover rates. Cost of rates (per annum)?
If the tenant does NOT cover insurance. Estimated cost of insurance (per annum)?
Any other outgoings (e.g. body corporate fees) (per annum)
Current tenancy N/A
Potential lease valuation (if not occupied)
Agent or private seller N/A
Full Description

High Profile building in CDB Whakatane.
The property is on a corner freehold site of 835m2 with a building area of approximately 688m2.
Freehold land is fairly rear in Whakatane.
Tenant 1 – Smith & Smith Glass have been renting 288m2 since 2009 – stable.
Tenant 2 – in 400m2 for the past 8 years is now vacant from 1 February 2016. This part of the building is still set up as a garage with hoist, compressor, service bay, etc.
With 400m2 vacant allows the owner the opportunity to re-rent it as is, upgrade, or redevelop.
The last registered valuation in 2008(requested by council) was $740k = the asking price.

To see what could be developed on the site – see Quayside apartments & retail opposite – developed 8 years ago – www.quaysideapartments.co.nz

With the current housing booms in Auckland and Tauranga – Whakatane is a hot destination particularly with land and property still very affordable.
This property is a good example with a large freehold footprint in the CBD, essentially at land value with a good holding income.
The property may appeal to a person looking for more a relaxed lifestyle – they could keep Smith & Smith as holding income, upgrade the building including living accommodation, retail/workshop/studio. They would be less than 300 metres to downtown shopping/cafes/marina.
This zoning is commercial/retail.

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