 Asset Class: | Retail |
 Price: | $ 1076169 |
 Net Yield: | 6.50 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | On Market |
Outstanding opportunity to purchase Unit 3, 42 Gravatt Road, in the coveted Fashion Island retail complex in Papamoa. This unit is tenanted by premium fashion brand Bendon with one of their popular Outlet stores making up one of the 36 nationwide.<br><br>This is a top performing brand at Fashion Island that has a 5 year lease term from the 1st of November 2020 plus a further three (3) year right of renewal for a final expiry date of 30th November 2028. Strong tenant covenant equals sound investment profile for peace of mind. They have been in the same store since 2013.<br><br>The purpose-built unit-titled precinct in the popular Bay of Plenty seaside community is home to 19 businesses including strong international apparel brands, local beauty and fashion-related service providers, and popular food outlets.
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<span style="color:rgb(51, 51, 51);">Tauranga is the second fastest growing city in New Zealand and has one of the country’s top performing regional economies.</span><br><span style="color:rgb(51, 51, 51);">Located 2 ½ hours drive South East of Auckland, Tauranga is home to approximately 161,800 people. It forms part of New Zealand’s economic Golden Triangle.</span><br><br><span style="color:rgb(51, 51, 51);">This area accounts for over half of the country’s economic output. In the 10 years to 2024, Tauranga’s economy grew at a compound annual growth rate of 4.8%. Over the same period, New Zealand’s economy grew by 3% pa.</span><br><br><span style="color:rgb(51, 51, 51);">Positioned ten kilometres east of the Tauranga CBD, Fashion Island is located in the Papamoa Town Centre; a large format retail development anchored by a Pak’n Save supermarket and a Mitre 10 hardware store. ANZ, TAB, Repco, KFC and a large medical centre all form part of the Papamoa Town Centre.</span><br><span style="color:rgb(51, 51, 51);">Located directly opposite this town centre is Papamoa Plaza, an indoor shopping mall, anchored by a Countdown Supermarket and The Warehouse.</span>
Additional Location Information File<p style=""><span style="color:rgb(0, 0, 0);">Welcome to Bendon Lingerie, where we're committed to creating quality, comfortable, and stylish lingerie that fits your unique lifestyle and body. Our history dates to 1947 when our founder had the idea to liberate women from restrictive and rigid corsets with lingerie that would BEND ON their bodies, hence our name. In 2020, we returned to our roots as a New Zealand company, focused on designing and creating innovative, fashionable bras that never compromise on comfort and superior fit. </span></p><br><p style=""><span style="color:rgb(0, 0, 0);">At Bendon Lingerie, we're passionate about supporting women across their lifetimes with a range of brands designed to meet their unique needs. Our house of brands includes Bendon for everyday lifestyle and comfort, Me. By Bendon for fashion-led style, Pleasure State for elevated luxury, Fayreform for refined elegance for larger cups, Lovable for loving life, and Bendon Man for everyday dependability. </span></p>
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Unit 13, Fashion Island - Cotton On Kids - 251 sqm - $454 / sqm Unit 14, Fashion Island - Converse - 275 sqm - $412 / sqm Unit 10, Fashion Island - Deejuba - 166 sqm - $434 / sqm
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<ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Returning $69,951 Net + GST & OPEX (Uplift expected on renewal in Nov 2025)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Net Yield of 6.5% at Rethink Negoitated Price</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Building extensively refurbished in 2017 including an upgraded facade</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Good seismic rating of 80% of NBS (The building was designed in 2005 using a Soil Class C for the site and had a rating of 100% NBS. In 2016 Tauranga City Council advised that all sites in the Tauranga area were to be considered Soil Class D)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Floor area of 269 sqm ($260 / sqm) - Large uplift expected in Nov 2025 on renewal as they are currently sitting well below the other shops in the development</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Fixed 4% annual rental reviews</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">The complex is 100% leased to a mix of well-known Australasian brands</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Excellent on-site parking with 122 shared car parks for the centre</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Fashion Island is Tauranga and the Bay of Plenty’s only outlet shopping centre</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Located in a rapidly growing residential catchment area</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Established retail destination - anchored by Pak’n Save, Mitre 10, Countdown and The Warehouse</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Exclusive use rights to operate as an outlet shopping centre</span></p></li></ul>
