Whakatane CBD Building
Property Type Other
Rateable Value (RV)N/A
Number of carparksN/A
Floor area of dwelling (m2) N/A
Total land area (m2)N/A
Year property builtN/A
Lease income (per annum)N/A
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)?N/A
If the tenant does NOT cover insurance. Estimated cost of insurance (per annum)?N/A
Any other outgoings (e.g. body corporate fees) (per annum)N/A
Current tenancy N/A
Potential lease valuation (if not occupied)N/A
Agent or private seller N/A
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.