High profile with secure income in Pt Chev
The property at 1194 Great North Rd generates $75,885 net annually.
A high-profile Pt Chevalier retail and residential property, with multiple long-term tenancies providing the security of split risk income, is featured in Barfoot & Thompson Commercial's latest 60-page Insite portfolio.
Commercial brokers Cam Paterson and David Palmer are marketing the property at 1194 Great North Rd which will go under the hammer at 10.30am on Wednesday, October 22, at Barfoot & Thompson's 34 Shortland St auction room unless it sells before the auction.
Paterson says the property in the Pt Chevalier retail strip generates net annual income of $75,885 in a low vacancy area within a popular city fringe suburb. It has dual access occupied by a two-level building which is divided into two commercial tenancies along with a four-bedroom apartment that could be occupied by an owner-occupier purchaser.
The 11-metre frontage is on to the main arterial route of Great North Rd and the property benefits from easy access to a council car park. The retail frontage is divided into two tenancies with Pita Pit to the east and Labtests NZ to the west.
The 299sq m building occupies a 501sq m freehold site that is currently zoned Business 2. The site is designated town centre under the Proposed Unitary Plan, allowing for intensive development up to 16.5 metres.
The 49.75sq m retail outlet occupied by Pita Pit is on a lease with a final expiry of April 22, 2023, if all rights of renewal are exercised. Labtests occupies a 96.1sq m area on a lease ending September 6, 2017, while the 153.23sq m residence brings in annual rent of $27,820 on a three- month lease.
Other businesses in the vicinity include ASB, Hammer Hardware, Barfoot & Thompson and a KFC outlet. The Pt Chevalier Mall and a Countdown Supermarket are also nearby.
"The tenancies have an excellent profile to both passing trade and pedestrian traffic from neighbouring public car parks," Paterson says.
"The location in the middle of the retail strip bodes well for future growth," he says. "Great North Rd is one of Auckland's oldest and busiest arterial routes, essentially linking the CBD with the fringe suburbs of Pt Chevalier and Grey Lynn. It then crosses the Northwestern Motorway into the western suburbs of Waterview, Avondale and further out to Glen Eden.
"The site has easy motorway access either via the soon-to-be-improved Carrington Rd and Great North Rd interchange, or further east at the Motat interchange."
Palmer says the Labtests' tenancy has a wider frontage than the PitaPit tenancy and runs the length ofthe building with access to therear.
"The tenancy is divided into a reception and waiting area with private rooms, work rooms and bathroom."
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