Retail site for sale is the biggest in Thames for a decade

Media Release

10.6.2019

Vacant retail site for sale is the biggest in Thames for a decade

The biggest vacant retail site in Thames over the past decade has been placed on the market.

The property at 456 Pollen Street, is a 350 square metre building on a 477 square metre freehold site that was home to United Video for 30-plus years, and more recently hosting a charity shop.

When the charity shop's lease was not renewed, the building's owner decided on a change of direction, The property is now being marketed for sale by auction at noon on June 27 by Bayleys Hamilton. Salesperson Josh Smith said the well-located property one block back from Thames' central business district had high foot and vehicle traffic passing daily.

Entering through the front of the property, the main floor has a large open-plan floor area supported by offices, toilets and store room. 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. The rear yard is metalled for ease of management.

The building has a seismic rating of 40 percent of initial evaluation procedure (IEP), and has been kept to a reasonable standard with any maintenance completed as required, Mr Smith said.

“It has a good road frontage, is tidy and well represented and ready to occupy or refurbish to suit a new owner's requirements,” Mr Smith said.

“It lends itself to a multitude of uses. With a commercial (8B) zoning it could become a cafe, restaurant or even 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.”

Surrounded by a large number of national brand-name tenants, banks, professionals and the neighbouring Mitre 10 outlet, the position of 456 Pollen Street gives the property a high profile in the Thames CBD, he said.

“It is not often a property of this size with a prominent CBD location becomes available in any rural town,” Mr Smith said.

“A new buyer could move into the building and not spend a cent on refurbishment for 10 years,” he said.

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 is possible for any of these type of businesses to be set up in the vacant property,” Mr Smith said.

Thames, situated in the middle of the Coromandel Peninsula, is a service town with a large catchment across the Hauraki Plains and the peninsula.

The Thames Coromandel district has 4,302 businesses, by far the biggest number are in Thames. The district had 4.7 percent regional growth last year and the district's gross domestic product reached $1,046 million, 0.4 percent of the national average.

The biggest contributors to economic growth over the past decade have been healthcare and social assistance sectors at $28 million, retail at $24 million, construction at $13 million, agriculture, forestry and fishing at $12 million, professional, scientific and technical services also at $12 million and all other industries at $4 million – a total increase in GDP of $92 million.

Business growth over the past 10 years has been in professional, scientific and technical services, financial and insurance services, accommodation and food, information media and telecommunications fields.

Once known for its rich gold fields and extensive Kauri forest, it was suggested Thames become New Zealand's capital.

Mr Smith said Thames was a thriving community – a town that had 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.”

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