A prominently positioned bulk retail centre on a high-profile corner location in Mount Maunganui is being presented to the market for sale, offering buyers the opportunity to acquire an asset of scale with long-term upside.
2 Owens Place has 4,525sq m of total building area and is home to 11 retail tenants.
Known as the HomeZone Centre, the weighted average lease term across the property is 3.41 years and the total annual net rental income is $1,477,071 plus GST and operating expenses.
The tenants at the modern and well-maintained freehold property include Noel Leeming, Warehouse Stationery, Lighting Plus, La-Z-Boy, and Bed Bath & Beyond, among others.
Start your property search
Owens Place connects to key arterial routes that provide major residential suburbs in Papamoa and Te Puke with access to the Bayfair Shopping Centre, one of the region’s largest retail destinations, and the recently upgraded Bayfair to Baypark Link.
This prime location ensures strong vehicle and pedestrian flow, supported by nearby public transport options and ample surrounding parking.
Colliers Brokers Simon Clark, Duncan Woodhouse, and Richard James have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 11 December, unless sold prior.
The HomeZone Centre comprises two separate areas; the subject property that is for sale and a neighbouring Harvey Norman store. There is a shared car park area with approximately 237 parking spaces.
Clark, General Manager at Colliers Tauranga, says the HomeZone Centre is a highly visible shopping destination that caters to a broad array of needs.
“Originally constructed in the early 2000s, this asset has continued to grow over the past 20 years with further development creating a high-quality bulk retail offering,” Clark says.
“The existing tenancies include some of New Zealand’s most well-known homeware retailers that are also well supported by a cafe and bakery.”
Woodhouse, Commercial and Industrial Sales Broker at Colliers Tauranga, says the location of the property offers immediate access to major arterials, enabling efficient connections across Mount Maunganui, Tauranga, and the wider of Bay of Plenty.
“The surrounding area continues to benefit from ongoing investment and growth, including large format retail ventures, new residential developments, and infrastructure upgrades improving access between Mount Maunganui, Papamoa, and central Tauranga,” Woodhouse says.
“Businesses within this precinct benefit from the area’s established commercial profile and its position as a gateway between key urban and coastal communities.”
James, National Director of Retail at Colliers, says there’s a range of opportunities for the new owner to explore to enhance the value of the asset and unlock its true potential.
“The vendors are retaining the rights of the ‘HomeZone’ brand name but may issue a licence to a buyer to use the name following the sale. Alternatively, the new owner may wish to rebrand the centre, opening up the potential pool of tenants that could lease space at the property,” James says.
“There is scope to grow the rental income through changing the tenancy mix over time by attracting more national and international brands or securing the existing tenants to longer lease an asset that has signi?cant potential.”
- Supplied by Colliers
