EXCLUSIVE LISTING

PRIME COMMERCIAL LAND & BUILDING FOR LEASE

Property ID: JT034

About the property

Price On Application

Rare Opportunity to acquire prime leasehold land & commercial building with prominent frontage in the heart of Avarua's main street, Rarotonga's CBD!

Premises currently tenanted by Foodland. This highly regarded site has massive redevelopment potential!

A half-acre leasehold plot known as Tutakimoa Section 14D2 Avarua equivalent to 2,048sqm, with freestanding commercial building of approx 1,104sqm of lettable area is up for sale.  Located in a prime position in the main street of Avarua with off-street parking.  Remaining ground lease term of 45 years.

The adjoining commercial plot known as Puoromea Section 47B1 Avarua equivalent to 365sqm is also up for sale with a remaining ground lease term of 19 years.

Currently tenanted by Foodland under a sublease agreement, the combined plots and building have an extremely prominent position in the heart of Avarua’s main street.  Superbly situated between the Bank of the Cook Islands House, a 3-level commercial structure on the eastern boundary, and Bank of South Pacific on the western boundary.  Boutiques and open-air retail arcades are also within close promixity, contributing to the high level of pedestrian activity and passing vehicles.  

The building itself, currently used as a supermarket, offers large open plan showroom (tenant contents not shown in image), with ancillary stock warehouse, offices and amenities.  While the building itself is relatively dated, it continues to offer functional accommodation that is well suited to its existing purpose.

The two plots combined are near rectangular-shaped, and offer off-street customer parking along the side of building and public parking along wide frontage.  The 365sqm plot, currently used as a basic secondary storage structure, could potentially be redeveloped into additional parking.

This offering presents a massive redevelopment opportunity given its highly regarded main street location, remaining ground lease terms, attractive landsize, regular shape, and wide frontage on the main street. Added to this investment opportunity is the current reputable and well-established tenant in place, providing sound rental income and security to the new buyer.

Note it is the leasehold land & commercial structure for sale only.

Prime leasehold land for redevelopment in Rarotonga's downtown commercial centre is scarce!

THIS IS AN OPPORTUNITY NOT TO BE MISSED!

highly regarded commercial leasehold section on main street avarua for sale
commercial land and building for sale currently tenanted by CITC Foodland
Tutakimoa commercial leasehold land and building for sale in Rarotonga

Top Features At A Glance

  • Commercial leasehold plot equivalent to 2,048sqm more or less, with freestanding commercial building of approx 1,104sqm lettable space
  • Ground lease term of Tutakimoa Section 14D2 currently running until 2064
  • Adjoining commercial leasehold plot equivalent to 365sqm more or less situated to the rear
  • Ground lease term of Puoromea Section 47B1 currently running until 2038
  • Property subject to a sublease to CITC Foodland, Cook Islands' largest retailer and wholesaler as tenant with all rights of renewal due to expire in 2032
  • Prime main street position within Avarua commercial centre, with high level foot traffic and passing vehicles
  • Within close proximity of commercial offices, banks and retail boutiques
  • Lettable floor area of approx 1,104sqm comprises of retail area (approx 570sqm), stock warehouse (approx 275sqm), mezzanine office (30sqm), mezzanine lunch room (approx 79sqm), ancilliary accommodation (approx 150sqm)
  • Regular shape parcel of land and road frontage
  • Off-street carparking along side of building, and public parking available along wide frontage
  • Massive redevelopment potential

Area Profile

Avarua is considered the main town and commercial centre of Rarotonga, and is the national capital of the Cook Islands.  Situated on the northern coast of Rarotonga, Avarua comprises of a main street focused to the southern side of Ara Tapu (main road) and extending a short distance southward along connecting thoroughfares.

A small strip of reserve land seperates Ara Tapu from Te Ara Maire Nui, a one-way-by-pass road that is located adjacent to the Avarua foreshore, which offers extensive angled public carparking.

Although primarily commercial, Avarua comprises of a relatively diverse mix of commercial, residential and service oriented development.

The retail heart of Avarua comprises of CITC Shopping Centre and Cook’s Corner.  Along with main street you will also find ANZ Bank, Cook Islands Tourism Office, Ministry of Justice, Energy Centre Petrol Station, Cook Islands Police Station, Bank of the Cook Islands, Foodland Supermarket, Bank of South Pacific, Vonnias General Store and more.

Put Address Here

storage warehouse at rear of commercial building in main town Avarua Rarotonga

Contact Us

If you have any queries, questions or enquiries, please call us on telephone +682 53658 or click below to send us an email

Jeff Tikitau Real Estate Cook Islands

Your Cook Islands Real Estate Specialists

Real Estate Federation

Disclaimer: It is our intention to provide accurate and up-to-date information on our website which has been obtained from various sources, however all information is subject to independent review and verification.

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