Positioned within the popular Salt residential development in Mount Maunganui, this premium mixed use investment presents an outstanding opportunity to secure a quality hospitality asset with the added benefit of an upstairs apartment. Occupying a high profile position on busy Girven Road, the property enjoys excellent exposure and a built in customer base from Salt's 71 residential apartments, while also servicing the wider Mount Maunganui community.
The approximately 73m² ground floor cafe is complemented by an exclusive 24m² outdoor dining area/courtyard, creating an attractive year round hospitality offering. Above the cafe, the approximately 81m² one bedroom apartment with a 10m² sunny balcony adds further value and broadens the property's investment appeal.
The property is fully leased under a single lease, returning $69,954 + GST and outgoings per annum. The current lease runs through to 31 October 2030, with rights of renewal extending to 31 October 2048. Investors benefit from annual CPI plus 0.5% rental increases and market rent reviews every four years, providing built in rental growth and long term income security.
Located on one of Mount Maunganui's key arterial routes, the property is minutes from Bayfair Shopping Centre, Baywave and Mount Maunganui Beach. Eight exclusive onsite car parks provide exceptional convenience for customers and are a valuable feature rarely found with hospitality investments.
Modern, low maintenance and backed by a long term lease with strong rental growth provisions, this is a quality coastal investment offering secure income in one of Mount Maunganui's most sought after locations.
Contact Duncan, Dan or Simon today for further information or to arrange a viewing.
For Sale by Auction at 11am, Thursday 13th August at the Mercure Hotel (unless sold prior).
Features:
* Total building area 154m² (cafe and apartment)
* Returning $69,954 + GST and outgoings per annum
* Annual rental growth
* Current lease term expires on 31 October 2030, with further ROR to 31 October 2048
* Walking distance to Bayfair Shopping Centre
* Eight exclusive off street car parks
