Metropolis retail centre in trouble?

[fudosan]

It has not been doing well in the last few years -- bankrupt tenants, empty shops, and little foot traffic.

A good example:
Michel's Patisserrie Café occupied units 2K & 2L before it went into receivership earlier last year. Just few months ago (maybe even less) Esquires moved in but the game is now over. The place is available for lease.

Location: 1 Courthouse
Property use: Retail
Floor area: 11m2
Price: Price by negotiation
Property ID#: BJC724
* Excellent opportunity for a food and beverage operator to take over this prime cafe site

* Previously Michel's Patisserie

(The floor area of 11sqm is very likely an error. It should be 118sqm, based on the photos.)


Source: http://www.trademe.co.nz/Browse/List...x?id=322663926

[Davo36]

Fudosan, I imagine the outgoings on a place like that would be huge.

Just guessing but maybe $15k rates and the same in BC levies maybe.

The bureaucrats drive out those actually trying to do something!

[fudosan]

In an April, 2010 ad the asking rent was only 678/sqm with outgoings of 289/sqm on 118sqm of space. So outgoings could be about 34K.