The biggest vacant retail site in Thames over the past decade has been placed on the market.
The property at 456 Pollen St, is a 350sq m building on a 477sq m freehold site that was home to United Video for 30-plus years, and more recently hosted a charity shop.
“When the charity shop's lease was not renewed, the building's owner decided on a change of direction,” says Josh Smith of Bayleys Hamilton, who is marketing 456 Pollard St for sale by auction at noon on Thursday June 27.
Featured in Bayleys’ latest Total Property portfolio magazine, the well-located property is one block back from the Thames CBD in an area of high foot and vehicle traffic.
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“Entering through the front of the property, the main floor has a large open-plan floor area supported by offices, toilets and storeroom,” says Smith. “The first-floor loft has a staff kitchen along with additional storage. The rear of the property is accessed along a service lane with parking onsite for four cars and a rear yard is metalled for ease of management.”
Smith says the building has a seismic rating of 40 per cent of initial evaluation procedure (IEP), and has been kept to a reasonable standard with any maintenance completed as required.
“It has a good road frontage, is tidy and well represented and ready to occupy or refurbish to suit a new owner's requirements. It lends itself to many of uses. With a Commercial 8B zoning it could become a cafe, restaurant or a bike or furniture shop. It could also be split into two or three office-based or small retail tenancies. The uses for this property cover a wide range of retail or office-based businesses.
“It’s not often a property of this size with a prominent CBD location becomes available in a rural town,” Smith says. “A buyer could move in and not spend a cent on refurbishment for 10 years.”
The property, with a Thames Coromandel District Council valuation rating of $450,000, has a rental appraisal of $35,000 net plus GST a year.
“Neighbouring properties include an optometrist, pizza store and an insurance company and it’s possible that any of these types of businesses could to be set up in the vacant property,” Smith says.
Nearby are a large number of national brand-name tenants, banks, professionals and a neighbouring Mitre 10 outlet.
The Thames Coromandel district has 4302 businesses and by far the most are in Thames. The district had 4.7 per cent regional growth last year and the district's gross domestic product reached $1046 million, 0.4 percent of the national average.
Smith says Thames has become popular with families and business people selling up in Auckland and moving to the region.
“It is an attractive alternative to the bustle of larger cities - with its ready access to Auckland, Hamilton and Tauranga, and the benefits of small town community and lifestyle.”
