The land and building housing one of the biggest retail shopping mall complexes and medical hubs in rural Bay of Plenty have been placed on the market for sale.
Riverslea Mall in the township of Edgecumbe was built in 1988, and encompasses some 6,129 square metres of retail shops and offices sitting on 1.84 hectares of land zoned commercial 8A under the Whakatane District Council plan.
The mall has a new build standards rating of 100 percent and a current Building Warrant of Fitness for its fire sprinkler system throughout the premises.
Most of Riverslea Mall is single-storied, with a small portion of mezzanine-level space. Within the property’s floor plan is 1,496 square metres of common area and 162 metres of canopy. Shops and retail outlets sit on either side of a centrally located pedestrianised walkway interspersed with planter boxes and seats.
With sealed car parking for over 100 vehicles for both staff and customers, Riverslea Mall has multiple vehicle entry points off College Road, Bridge Street – also known as State Highway 2 - and Rata Avenue. The car parking areas are located on two separate compass points around the mall – allowing customers and users convenient access to the shops and medical services within the building.
The covered mall was refurbished three years ago and currently has 16 tenancies – with four vacant premises. The freehold Riverslea Mall land and buildings at 26 College Road in Edgecumbe have been placed on the market for sale at auction on November 25 through Bayleys Whakatane.
Salesperson Larissa Reid said the obvious opportunity in the property was tenanting the currently vacant shops and offices – which would substantially boost the location’s current revenues.
“Riverslea Mall currently generates annual net income of $244,687 plus GST from its existing tenancy mix. When fully tenanted, that figure could be expected to rise to $304,2680 per annum,” said Reid.
Anchor tenants with structured leases in the College Road premises include:
• SuperValue supermarket – currently on lease running through to 2021, with two further six-year rights of renewal
• Farming and rural lifestyle supplies retailer Farm Source – currently negotiating new lease terms and conditions for its ongoing long-term presence in Riverslea Mall
• Doctor’s surgery Wade Medical on a current lease running through to next year
• Gym and fitness centre The Temple having just negotiated new terms with a lease running through to 2024, with two further two-year rights of renewal
• Healthcare provider Absolute Physio on a current lease with two further terms of three years each
• Medical retailer and dispensary Edgecumbe Pharmacy on a current lease running through to next year, and also currently negotiating new lease terms and conditions for its ongoing long-term presence in the location.
Meanwhile multiple tenants on rolling periodic leases in Riverslea Mall include:
• Medical services provider Fit For Work
• Childcare operator The Clubhouse
• Healthcare provider APS Ambulance Trust
• Skin art studio Four Kings Tattoo
• Smoking supply outlet Central Vape
• Charity retailer the St David’s Opportunity Shop
• Telecommunications firm Meshnetworks Ltd
• A ‘hole in the wall’ money operated by Credit Union Central
• Storage space rented by home furnishings retailer Curtains 4U
• Hair salon Langworthy & Watson.
Reid said that with its high-profile exposure onto the state highway network, Riverslea Mall and its tenants were one of the three ‘landmark’ locations in Edgecumbe – ranking alongside the Fonterra dairy factory and the area’s secondary school.
“The property’s location in Edgecumbe’s main street where most of the town’s retail activity is conducted, combined with the broad tenancy schedule and focus on the provision of healthcare and medical services, make Riverslea Mall an attractive opportunity for either owner-occupiers looking for new office or retail space in the town’s central business district, or for an investor seeking to grow the tenancy schedule,” she said.
“Built in a Lockwood style with high-stud beams over the well maintained and ‘people-friendly’ communal areas, the land and buildings at Riverslea Mall could be viewed as the foundations for a much larger medical hub – bringing on board the likes of more doctor’s surgeries and healthcare providers in a ‘one-stop’ destination.”
Reid said that as an established rural services town some 17 kilometres west of Whakatane, retail and healthcare amenities in Edgecumbe supported the smaller peripheral townships of Matata and Te Teko – as evidenced by rural products retailer Farm Source occupying a substantial portion of Riverslea Mall.