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Motueka town centre site lures buyers with an eye to the future

Two high-profile main street shops have gone up for sale in the heart of Motueka’s town centre with options to add value or further develop the site.

The more than 660-square-metre site for sale on High Street contains two retail/office tenancies.

Fully occupied by national-brand travel agency House of Travel and a popular local giftware store on month-to-month leases, it offers new owners a total rental income of $31,954 plus outgoings and GST per annum.

Bayleys salesperson Gill Ireland said the site was a rare find for buyers seeking to secure a freehold, fully tenanted commercial property in the centre of Motueka’s CBD.

“Buyers will see the growth potential in this property as a value-add investment with an opportunity for rental upside, providing investors with the chance to enhance returns over time.

“Zoned Central Business by Tasman District Council, the site offers more than just current returns. There's scope for site intensification at the rear, opening doors to further development opportunities,” Ireland said.

The freehold land and buildings at 195 High Street, Motueka, are being marketed for sale through Ireland and colleague Kaitlyn Turner of Bayleys Nelson.

The property will be sold by way of a deadline sale closing on Friday 3 May, unless it is sold earlier.

The property comprises buildings of approximately 370 square metres on some 663 square metres of land.

It is configured with two self-contained retail and office tenancies separated by a consented firewall. The larger premises, spanning some 230 square metres with two dedicated car parks, are occupied by House of Travel, generating an annual net rental return of $23,800 plus outgoings and GST.

Saville’s Giftware pays a net rent of $8,154 plus outgoings and GST per annum for it’s approximately 119-square-metre premises with two car parks.

Both tenancies have generous street-front shops, staff rooms, toilets, storage areas, and front and rear access. The House of Travel tenancy has extra storage by way of a garage and three storage areas in the roof. Saville’s Giftware is accessible from the rear via a roller door.

Seven on-site parking spaces are available at the rear, accessible from Hart Lane, enhancing the property's appeal for both tenants and future customers.

Seismic upgrades have been designed and quoted to future proof the building, which is identified as earthquake-prone.

A design producer statement (PS1) and quotes for remediation works to achieve a seismic rating of at least 67 percent of new building standard are available to buyers completing due diligence. Remediation is required to be completed by 2036.

Turner said a key attraction of the property was its prominent main-street frontage in the centre of Motueka.

“High Street is the arterial route through the heart of the town. It captures people travelling to the area, and en route to Kaiteriteri, the Abel Tasman and Golden Bay area.

“As the Tasman district’s second-largest settlement, Motueka is also an important regional service town. With a commercial centre boasting big brands such as The Warehouse, Mitre 10, New World and Woolworths supermarkets, as well as numerous cafes, restaurants and boutique stores, it draws people in from a wide surrounding catchment.

“Busy foot and vehicle traffic along the central part of the main retail strip assures the two tenants at the site for sale of excellent exposure to potential customers and clients,” Turner said.

Click here for information on the listing.

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