Buy one, buy a block, buy the lot!
The fully-leased Fashion Island retail outlet precinct within the Papamoa Shopping Centre has been placed on the market for sale, with 15 prime units to be sold individually or together as one entity creating investment options for both entry-level and seasoned commercial property investors.
This purpose-built unit-titled property in the popular Bay of Plenty beachside neighborhood of Papamoa is home to 19 businesses including strong international apparel brands, local beauty and fashion-related service providers, and popular food outlets. The centre was extensively upgraded and refurbished in 2017, which also included the shopfront facade to create a distinctly recognisable destination shopping centre. Investors can buy with the confidence of an A-grade seismic rating and low-risk construction materials.
Fashion Island is anchored by Cotton On Group which leases three units with tenure through until 2030, and includes other high-profile brands including Bonds, Bendon, Converse, Sheridan, Puma, Skechers, Amazon Surf, Decjuba and Burger Fuel - all on varying lease terms. Each unit is being sold separately so you can select the tenancies you prefer and build a portfolio.
The weighted average lease term across the precinct is 4.86 years, and the property as a whole returns a net income of $1,279,982 plus GST from a total lettable floor area of 3,420 square metres. Shoppers can also find a park with the convenience of 122 car parks shared on site.
Options aplenty for either entry-level commercial investors shopping in the $1 million range as well as serious investors looking for high cashflow returns. Seldom do commercial opportunities of this calibre present themselves to the market with such strong tenant covenants in such a highly desirable coastal location. Call the Sole agents for a full Fashion Island information pack to secure your passive investment performer for a long term hold.
Download the Full Information Pack here: https://www.propertyfiles.co.nz/property/2502251