The purpose-built complex housing a top national-brand medical centre and an established local dental practice has gone up for sale in a popular suburban shopping hub in Whakatane.
The nearly 1,900-square-metre freehold site on James Street contains a duo of standalone single-storey buildings separately housing the two longstanding tenants. It sits alongside numerous national traders and complementary businesses within the Kopeopeo Shopping Centre.
The James Street property generates a total net rental return of $98,694 plus outgoings and GST per annum.
Anchor tenant The Doctors Kopeopeo is part of the Green Cross Health Group, a leading provider of primary healthcare services across New Zealand. The family-friendly general medical practice brings together an experienced team of GPs, nurses and receptionists to offer wide-ranging services including checks and screening, family planning, minor surgery, sports medicine and vaccinations.
The Doctors Kopeopeo pays an annual net rent of $79,775 plus outgoings and GST for its approximately 334-square-metre medical centre premises with 25 car parks. The current lease runs through to 2025, with a further three-year right of renewal.
Alongside it at the James Street site, Whakatane Dental Centre specialises in general and cosmetic dentistry treatments and dental reconstruction. It provides a comprehensive service catering to family dental needs and can accommodate ACC and Work and Income New Zealand-subsidised treatments, and free teen dental care under the Government’s dental benefit scheme.
The dental practice occupies its premises of some 74 square metres with 2 car parks on a lease that extends to 2024 with a further three-year right of renewal. The lease generates a net rental return of $18,919 plus outgoings and GST per annum.
Both leases provide for a market rent review on the date of renewal.
The freehold land and buildings at 9-11 James Street, Whakatane, are being marketed for sale through Brendon Bradley and Larissa Reid of Bayleys Real Estate.
The property will be sold by deadline private treaty closing on Wednesday 25 October, unless it is sold earlier.
“Well located and home to two professional medical tenants with long-established tenure and strong lease covenants, this property is a solid income earner and excellent split-risk investment suitable for a long-term hold,” said Bradley.
The approximately 1,897-square-metre site with dual street access underpins the medical centre at the southern end and the dental centre to the north. The buildings have a combined floor area of some 409 square metres. The balance of the site encompasses sealed parking for 27 vehicles and landscaped grounds.
Built in the 1990s, the medical centre of some 334 square metres contains reception and waiting areas in its central portion, along with a utility room and staff toilet.
The northern end includes four consulting rooms, three nurses rooms, a treatment room and two toilets. At the southern end are a waiting area, practice manager’s office, staffroom, consultation room, nurses room, two nurses’ offices and a toilet.
The smaller dental centre, spanning some 74 square metres, was constructed circa 2007. The entrance provides access to a waiting room/reception office and adjoining staffroom, with the balance of the premises partitioned to provide an office, consulting room, surgery room, sterilisation room, and a toilet.
Zoned ‘Urban Living’ under the Whakatane District Plan, the property is centrally situated on the southern side of James Street, at its eastern end, adjoining the suburban shopping centre of Kopeopeo.
It is accessed via a sealed service lane at the rear of the commercial properties fronting onto King Street, the main retail shopping street of Kopeopeo.
Reid said the medical complex benefited greatly from its position within the established shopping centre.
“This popular suburban retail hub provides a wide range of shops and services, including health and pharmacy offerings that complement those provided at the James Street medical complex.
“Whakatane’s largest supermarket Pak’nSave is a major drawcard here. Other national brands in the area include a Z Service Station, Stihl Shop Whakatane, Reads Flooring First, Kope Super Liquor, and Noodle Canteen. There are also a number of local retail traders with a strong food and hospitality selection,” Reid said.