Furniture City unit may be armchair investment

5:00 AM Saturday July 18, 2015 Colin Taylor

Aerial view of unit for sale at 43 Mt Wellington Highway – identified by a red border.

A commercial unit occupied by Furniture City and part of a large format retail complex on Auckland’s busy Mt Wellington Highway is being marketed as having a very strong tenant covenant.

“Kiwi owned and operated, Furniture City has been in the Auckland market for over 30 years so its tenancy offers investors’ peace of mind knowing this is a secure business in a prime location,” says Andrew Hooper who, with colleagues Leroy Wolland and Brad Johnston, is selling 43 Mount Wellington Highway by deadline private treaty closing at 4 pm on Wednesday July 29.

The 3772 sq m strata titled unit leased by the importer and retailer of home furnishings is within the popular Mt Wellington Sylvia Park commercial area.

 “The area has an extremely low vacancy rate, and large retail premises like this are typically snapped up in very short order,” says Hooper.

“One of the neighbouring premises, previously occupied by Fishing Camping Outdoors that exited the New Zealand market last month, was one of the first stores to be re-leased to a national branded marine, outdoors and recreation retailer, and that store will be opening next month.”

Furniture City has five and a half years remaining on its lease with two, six-year rights of renewal and pay annual rent of $567,933 net per annum with bi-annual rent reviews. 

Wolland, Colliers’ national director of retail, the location is underpinned by other neighbouring national brand giants like Harvey Norman, Big Save Furniture, Briscoes and Rebel Sport which are anchor tenants across the road.

The unit has a Business 4 zoning covers a broad range of commercial practicesand is characterised by low to medium intensity, light industrial and service uses.  A proposed ‘General Business’ zoning under the Auckland Unitary Plan could see its activity include large format retail and trade suppliers. 

43 Mt Wellington Highway Unit 3 - identified by red border.jpg

Aerial view of unit for sale at 43 Mt Wellington Highway – identified by a red border. 

Johnson says property occupies a large, prominent site just off the Ellerslie Panmure Highway which used by 20,000 vehicles per day.

The recent completion of the Panmure transport hub and road realignments have significantly improved the flow of consumer traffic to the area making Mount Wellington Highway a much more convenient retail destination..”

Wolland says major redevelopment along nearby Lunn Avenue has also converted the predominantly industrial area into an active retail and entertainment precinct. 

“The regionhas seen consumer diversity and growth due to the nearby Sylvia Park Shopping Centre and motorway improvements that reduce travel times for north and south bound drivers coming into the area.”

Mount Wellington is about10 kilometers southeast of the Auckland CBD and is surrounded by the suburbs of Remuera, Panmure, Penrose, Ellerslie and Auckland’s newest residential development, Stonefields. 

Efficient train and bus services are a popular form of transport in the area and an upgrade to the Panmure train station was recently completed.

The major alterations made to the Panmure Interchange on State Highway One have also improved connections with reduced travel times for north and south bound drivers.

Andrew, Leroy, Brad.jpg

From left to right: Andrew Hooper, Leroy Wolland, & Brad Johnston of Coopers International.

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