Strategic Taupō medical hub for sale

A duo of freehold properties housing a high-profile medical services hub are up for sale in the heart of Taupō.

Commandingly positioned fronting three key arterial roads on the CBD’s southwestern fringe, the two adjoining sites are fully leased to anchor tenant Taupō Medical Centre plus a pharmacy and a dental practice.

The properties generate a combined net rental return of $322,032 plus outgoings and GST per annum.

The sites are to be sold as one with a combined 2,684 square metres (more or less) of land in two freehold titles and a total lettable area of some 969 square metres across two buildings. The tenancies are supported by a total of 36 onsite car parks.

Neighboured by other vital health-related businesses, they form part of a precinct catering to a wide range of medical needs in the central North Island town.

The freehold land and buildings at 117 Te Heuheu Street and 118 Tūwharetoa Street, Taupō, are being offered for sale together by way of a tender closing on Wednesday 11 March, unless they are sold prior.

The sale is being marketed by Gary Harwood and Lisa Christensen of Bayleys Taupō.

The properties sit at the edge of Taupō’s main commercial area, roughly 500 metres from the centre of the CBD and the lakefront.

Harwood said they presented buyers with a compelling chance to secure a strategic medical services investment with significant future upside potential.

“Alongside these properties are a pathology laboratory and radiology facilities plus another medical practice, which along with the sites for sale form a substantial medical precinct serving the community with a wide variety of essential services.

“Other nearby businesses include retirement villages, motels, car dealerships, service stations and professional services such as accountants, demonstrating the strong and diverse demand within the immediate area.

“The strategic location lends itself to opportunities to expand current uses at the sites for sale or to explore redevelopment in a location with underlying zoning supporting medium-density residential housing,” Harwood said.

The premises at 117 Te Heuheu Street is home to Taupō Medical Centre’s consulting rooms. This building was constructed in 1976 and extensively upgraded and extended in 2016.

The facility alongside it at 118 Tūwharetoa Street was purpose-built in 2015 for health-related administration and dental services. This houses the medical centre’s administrative operations and the Mathai Dental practice.

Christensen said the lion’s share of the buildings was occupied by Taupō Medical Centre, one of the largest and longest-serving general practices in the region offering a wide range of primary healthcare services. It occupies its premises on leases that run through to 2029.

The current lease for the pharmacy extends to 2029 with a further 10-year right of renewal. The dental practice lease runs to 2027 with a further two-year right of renewal.

Christensen said the properties’ buyer appeal was heightened by their exceptional accessibility and prominence within central Taupō.

“These two corner sites and their quality medical service tenants reap significant benefits from the prime road frontage to Te Heuheu, Kaimanawa and Tūwharetoa streets. These are all major arterial routes that carry considerable volumes of traffic connecting the town centre with residential areas and all access points to the town.

“This ensures excellent connectivity and extremely high profile for the properties and businesses operating here,” Christensen said.