Multiple retail sites for sale across city
The modern block of shops at Arranmore Dr, Flat Bush. Photo / Supplied
Bayleys is pitching a diverse collection of retail properties — for sale individually across Greater Auckland — at entry-level commercial property investors and small portfolio owners.
They include a cafe and curry spice retail shop on the North Shore, a corner-site block of neighbourhood-clientele servicing businesses in East Auckland and a multi-tenanted premises in South Auckland.
In each instance just the land and buildings are for sale — not the businesses themselves — and each features in Bayleys’ latest Total Property portfolio magazine.
Topping the rental earnings list is a modern block of shops located at Arranmore Dr, in fast-growing Flat Bush. The four-year-old 491sq m building sits on 1463sq m of freehold land, in its current under-tenanted format generates a combined income of $147,257 net.
The two-storey building at 25 Station Rd. Photo / Supplied
The single-level property is being marketed for sale by deadline private treaty through Bayleys South Auckland, with offers closing at 4pm on August 7. Salespeople Ben Bayley, Chris Bayley and Tony Chaudhary see the potential, when fully tenanted, for the property to generate up to $180,000 net annually. Bayley says the property offers a split-risk investment opportunity, with a variety of tenancies, including:
- La Texture Cafe on a lease paying $50,657pa with two further four-year rights of renewal;
- a superette on a lease running through to 2019 with three further three-year rights of renewal generating annual rent of $40,600;
- Inside Hair Design hair salon, on a lease running through to 2021 with two further three-year rights of renewal, producing annual rent of 28,000; and
- Indian takeaway Mahi’s, on a lease producing annual rent of $28,000 with one further two-year right of renewal and two further five-year rights of renewal.
Bayley says the property also contains a vacant 73.8sq m unit. The shops have shared communal parking spaces for 20 vehicles.
Second on the list is 25 Station Rd, Manurewa, a 550sq m two-storey building sitting on 344sq m of freehold land with four separate tenancies.
Two food-related premises for sale at Unit 6 at 56 Apollo Dr. Photo / Supplied
Three of these are operating, and one is in the process of being formalised. They generate a combined revenue of $71,830 net pa when all are operative. The property is being marketed for sale by auction at 11am on August 8, through Bayleys Manukau.
Salesperson Dave Stanley says four tenancies within the Station Rd premises deliver a split-risk investment in the middle of Manurewa’s central business district. They are:
- hair-cutting outlet Barber Brothers, in the process of signing a lease drafted up to run through until 2023 with two further five-year rights of renewal, paying rent of $21,630 net pa;
- real estate agency Century 21 on a lease running through until 2019 paying rent of $20,950 net pa;
- Law Debt Collectors in a lease running through until 2020 paying rent of $13,950 net pa, and;
- Southern Learning and Education Centre on a lease running through to 2021 paying rent of $15,300 net pa.
Meanwhile, on Auckland’s North Shore, two food-related premises are up for sale. Unit 6 at 56 Apollo Dr, Albany, houses Duck Goose Cafe — a modern cafe and eatery occupying 90sq m of freehold space in a retail block. Duck Duck Goose cafe is on a six-year lease paying $49,500 net.
The single-level corner site property is being marketed for sale by auction at 11am on August 8 through Bayleys North Shore. Salespeople Laurie Burt and Eddie Zhong say the cafe is part of a 13-unit retail block, built in 2016 and supported by 54 carparks.
Spice Cuisine is the tenant at Unit 5, 170 Wairau Rd. Photo / Supplied
Burt says the block is surrounded by a multiple corporate head office premises, medical practices; and the AUT Millennium Centre is nearby.
Rounding out the retail offerings is the Spice Cuisine freehold premises at Unit 5, 170 Wairau Rd, Wairau Valley. It is part of the high-profile Wairau Junction Retail Centre which underwent a major refurbishment some four years ago, and now has a 100 per cent New Building Standards rating.
The single-level 59sq m terraced unit is also being jointly marketed for sale by auction at 11am on August 8, through Bayleys Auckland and Bayleys North Shore. Salespeople Matt Lee and Terry Kim say Spice Cuisine is on a 10-year lease through to 2023, with two further five-year rights of renewal, generating net rent of $25,000 pa.
Kim says Spice Cuisine is neighboured by a wide range of retail tenancies such as Westpac, Coffee Club, Pita Pit, Sushi Factory, Pizza Hut and City Fitness; and customers using Wairau Junction can access 155 carparks.