The property developer behind Rotorua’s Redwood centre retail and commercial hub is now selling a near identical precinct on the other side of town.
TPB Properties CEO, Tony Bradley, built the Redwood Centre, 3km east of Rotorua’s CBD in 2013. Over the last two years, he has gradually sold the 14 retail tenancies within the hub, encompassing convenience food outlets, a health and fitness centre, liquor shop, hair salon, and grocery store.
While the Redwood Centre was being sold off, TPB Properties built a mirror image suburban retail hub at Fairy Springs on the other side of city. The complex, on a high profile 6300sqm site of what was previously Orderings Nursery, was completed in March last year.
As a result, five of Fairy Springs’ 10 individual tenancies are now on the market. The portfolio of properties is being marketed by Bayleys Rotorua to be sold individually at auction on April 16.
Bayleys Rotorua leasing specialist, Mark Rendell, who sold the Redwood sites, said the five Fairy Springs units range in size from 87sqm to 279sqm, and all have newly negotiated leases.
The five tenancies for sale include Skyline Superette, BurgerFuel, Te Arawa Fresh Seafood, Springs Bakery, and Best Sushi.
The Fairy Springs retail hub overlooks State Highway 5 on the main route in and out of Rotorua from Auckland and Tauranga.
Like Redwood Centre, Fairy Springs borders a major residential section of the city with both schooling and the Skyline recreational amenities close by and has 90 common-share car parks.
“The location, tilt slab single storey build style, and tenancy mix for Fairy Springs is based on a proven formula,” said Rendell.
“BurgerFuel, Te Arawa Fresh Seafood, and Best Sushi also have outlets at the Redwood Centre, and saw value in extending their Rotorua presence to this side of town where they wouldn’t be in competition with the existing outlets.
“With a high passing traffic count sustained by a well established surrounding resident population we are expecting strong buyer interest from investors in Rotorua and the wider Bay of Plenty. Again, this ownership demographic will replicate what has been achieved through Redwood.”
“The appeal comes from having new built premises, constructed to 100 percent of New Building Standards, with a diverse range of established tenancies on long leases. It’s close to the perfect buyer check-list.”
Fairy Springs is anchored by the Fairy Springs Medical Centre and pharmacy.
