Hamilton shopping centre for sale
A strip portion of one of the biggest retail centres in Hamilton is for sale.
Tuesday, May 1st 2007, 2:32PM
by The Landlord
The Rototuna Centre is convenient to all main arterials, on the corner of Horsham Downs and Thomas Road, and is located in Hamilton’s fastest growing area. The centre boasts more than 600 open parking bays plus a bus stop on site.Offering a net income of approximately $1.7 million from 36 tenancies, the new centre is operational with three tenancies still to be leased.
The anchor tenant is a New World supermarket and there is also a BP service station at the front of the centre.
Of the portion on offer, the 36 tenancies comprise a mix of retail and services including a large medical centre with a doctor’s surgery, pharmacy, dentist, Plunket and optometrist all operated by a national chain, Radius, Subway, Hell Pizza, Video Ezy, KFC, Paper Plus, a Physique’s Gym and a number of other national brands. Merchant Property Management manages the common areas of the centre and the body corporate.
All the leases are new long-term leases with an average weighted lease term of 5.3 years.
The centre is on 4.9 hectares of land and the total retail area is approximately 12,500sqm. The land was originally sold two-and-a-half years ago to a joint venture consortium comprising four investors based in the North Island who developed the centre and are now the vendor.
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