The distinctive two-storey Tiki Corner building fronts three streets — Beach, Rees and Shotover Sts — with two prominent corners.
For sale by international deadline private treaty closing July 2, it has four tenants — international fashion brands R.M. Williams, Ugg and Fjallraven, and Ferg’s Bar which is part of the neighbouring Fergburger chain.
Fergburger and Ugg both also rent upstairs offices.
The vendor, a company linked to Australian mining magnate Dr Andrew Forrest, paid $32.5 million in an off-market transaction about five years ago to install the R.M. Williams footwear brand it owns.
Local Colliers commercial brokers Mary-Jo Hudson, Rory O’Donnell and Mark Simpson are marketing the property.
Mr O’Donnell said Tiki Corner had ‘‘really strong tenancy covenants across the whole property’’.
The overall rent roll, across 924.6sqm of lettable space, is almost $1.3m, but the tenancies are all subject to fixed annual reviews of up to 3.75%.
Ms Hudson said the building was in one of the CBD’s highest foot traffic count areas.
She said there were also preliminary concept plans for a rooftop bar.
Mr Simpson said Tiki Corner was built in the 1960s and 1970s, but had been upgraded to a 100% NBS seismic rating. — Philip Chandler
