The Opportunity
New Plymouth's sole picture theatre located at 119 - 125 Devon St East. Situated close to the heart of the CBD, opposite the TSB Banking Centre and almost opposite the Warehouse and speciality retail complex on Devon St. A new nine year lease to Sky City Cinemas Ltd over the theatre component supported by 10 small retail tenancies within a ground floor arcade.Potential exists to reposition the ground floor arcade in the mdium term providing future value growth prospects. Approximately 70% of the rent roll is secured by the Sky City lease. The balance of the tenancies range between 1 and 3 years.
The Land
2700m2 double frontage site situated between Devon St East and Gill Street described as Lot 5 DP 16347 Certificate of Title TNH3/1144. Tenure is freehold and the property is zoned Business A
The Buildings
Ground floor retail arcade 1392.6sqm
First floor cinemas 2080sqm
Second floor (part cinema & part other) 1022sqm
Basement car parking
This "main street" location, core "blue chip" lessee and the growing Taranaki economy combine to make this an investment opportunity worth considering