Located in New Zealand’s Golden Triangle, Fashion Island is a unique, high–performing outlet destination, underpinned by Australasia’s most well-known retailcbrands. These include; Cotton On, Cotton On Body, Cotton On Kids, Bonds, Bendon, Sheridan, Converse, and Decujuba. The Cotton On stores (PU05, PU08 and PU13 are the best performing Cotton On Group stores internationally.<br><br>Nine unit titles are being offered for sale in one line at an incredible package yeild negotiated by Rethink. All the units are fully leased and have annual fixed rent reviews between 3% and 4%. They return a combined net income of approximately $934,296 per annum plus GST.<br><br>Completed in 2006 and refurbished in 2017, Fashion Island holds an A-Grade seismic rating and has excellent on-site parking with 122 car parks.<br>Freehold in tenure, the property forms part of the Papamoa Town Centre; a large format retail development anchored by a Pak’n Save supermarket and a Mitre 10 hardware store. <br><br>This versatile investment provides the opportunity to be able to sell down each unit at a value of what we see currently at 6.5% yield, this provides underlying security and control of debt depending length of investment.<br><br><b>INCOME SECURITY</b><br>All of the unit titles are fully leased with annual fixed rent reviews between 3% and 4%, providing built-in rental growth. The nine unit titles deliver a combined annual net income of $934,296 + GST. Many of the tenants are owned by major companies including: The Cotton On Group, Hanesbrands Inc and The Bendon Group.<br><br><b>LIMITED COMPETITION</b><br>Fashion Island has exclusive use rights to operate as an outlet shopping centre within the Papamoa Town Centre. It is the only fashion outlet centre in Tauranga and the Bay of Plenty. The next closest outlet centre is located in Hamilton.<br><br><b>RAPIDLY GROWING REGION</b><br>Tauranga is one of New Zealand’s fastest growing cities with an estimated population of 161,800 people in 2023. Population growth has averaged 2.6% pa over the years five to 2023, compared to just 1.3% for New Zealand. Immediately west of Papamoa, the suburb of Wairakei, is projected to grow by an additional 7,300 residents over the next 15 years. It will become Tauranga’s largest suburb.<br><br><b>ESTABLISHED RETAIL LOCATION</b><br>Fashion Island is surrounded by a mix of large format retailers, convenience retail, and anchor tenants including Pak’n Save and Mitre 10. Papamoa Plaza’s 40 specialty retailers and its two anchor tenants – Countdown and The Warehouse, are complementary to Fashion Island drawing traffic to the precinct.<br><br><b>EXCELLENT PARKING. A-GRADE SEISMIC</b><br>Fashion Island has excellent parking, with each unit having access to 122 shared car parks. Constructed in 2006 using reinforced tilt slab construction, the building holds an A-grade seismic rating.<br><br>In 2021, Fashion Island was unit titled and subdivided into 16 principal units. Eight of the units have been sold or retained, leaving 8 remaining units.<br>All 16 units are overseen by a body corporate and managed by Comac who provide asset and facilities management services to the body corporate.<br>The 122 on-grade car parks and covered walkway are jointly held as common property under the body corporate. The body corporate holds a 1/9 share in Lot 11. This lot is an internal road running the length of the Papamoa Town Centre. This road is managed by the Papamoa Town Centre Association. This is an incorporated society established to maintain the high standard of the Papamoa Town Centre. <br><br>The society is responsible for the maintenance, repair, renovation and replacement of the town centre’s common areas. An annual levy is raised from the property owners to cover these costs. A copy of the Papamoa Town Centre Association rules is available for download in the online data room.<br>A covenant registered across the Papamoa Town Centre, prohibits other owners (apart from Fashion Island) from using their premises for the purpose of outlet retailing