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Whakatane CBD Building

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Specifications
Property Type Other
Rateable Value (RV)
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Floor area of dwelling (m2) N/A
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Year property built
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Asking price
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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)?
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If the tenant does NOT cover insurance. Estimated cost of insurance (per annum)?
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Any other outgoings (e.g. body corporate fees) (per annum)
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Current tenancy N/A
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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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