Property ID: JT034
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 Lot 2 of Tutakimoa Part Sections 8 & 9 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.
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.
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