A supermarket and retail complex anchored by a FreshChoice in the rapidly growing Western Bay of Plenty town of Ōmokoroa is being offered to the market for sale and presents buyers with the opportunity to acquire a prime asset with a steady rental stream.
Located at 160 Ōmokoroa Road, the property has 1,653sq m of total floor area on a 10,003sq m site. In addition to the supermarket, there are six supporting retail tenancies and the total net annual rental income is approximately $503,564 plus GST.
There is a new 10-year lease to the supermarket with five further rights of renewal of five years each. The weighted average lease term across the property is 7.11 years.
The site has multiple access points and 88 car parks offering convenience for customers.
Start your property search
Ōmokoroa, a picturesque location in the greater Tauranga area, is approximately 25 minutes from the city’s CBD. Access to Tauranga is set to improve next year with the opening of the northern arterial highway.
Colliers Brokers Simon Clark, Alan Pracy, and Blair Peterken have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 13 March, unless sold prior.
Constructed in 2016, the high stud supermarket is fully air conditioned and has a rear loading dock. The total area of the supermarket is 1,008sq m on the ground plus a 173sq m mezzanine office. The six retail tenancies comprise a total area of 472sq m and range in size from 53sq m to 119sq m.
Wholesale Distributors Limited, a subsidiary of Woolworths New Zealand, is the head lessee of FreshChoice Ōmokoroa. There is a sublease to the FreshChoice franchisee.
Clark, Managing Director at Colliers Tauranga, says this is a top-tier, low maintenance asset that will be highly appealing to discerning investors.
“Anchored by a busy supermarket, this is an eye-catching purchasing opportunity with tremendous upside,” Clark says.
“With a long-term lease in place for FreshChoice and multiple renewal options, the new owner will be able to enjoy the steady rental stream that is underpinned by a strong tenant covenant.”
With ongoing development activity across Ōmokoroa, the population of this harbourside location is expected to triple by 2050.
It has become particularly popular with both retirees and young families with a number of new residential subdivisions and the new Ōmokoroa Country Club Retirement Village being built.
Pracy, Director at Colliers Hamilton, says Ōmokoroa’s appeal is underlined by the high-quality amenities and schools in the area as well as the rural feel through being surrounded by a golf course and horticultural blocks.
“This highly visible and strategically positioned asset is perfectly placed to capitalise on the ongoing expansion of Ōmokoroa that continues to be a desirable location for people to move to,” Pracy says.
“Data from the most recent Census indicates the broader Western Bay of Plenty district grew by 10.4 per cent between 2018 and 2023 and that growth is projected to continue.”
Peterken, Director of Capital Markets at Colliers, says this property has a collection of attributes that buyers will be looking for.
“This building is anchored by a blue-chip tenant with a diverse income stream in a high growth location and supermarkets have long been a coveted asset class among investors,” Peterken says.
- Supplied by Colliers
