The St Heliers ‘Domino effect’

4:14 PM Friday June 8, 2018 Paul Charman

The building at 13 Polygon Rd houses a pizzeria and a physiotherapist. Photo / Supplied

Agents say being able to offer to the market premises such as 13 Polygon Rd, St Heliers, is an occurrence that’s all too rare these days.

Barfoot and Thompson commercial sales brokers Rex Fowler and Daniel Braid are selling the property, which houses both a pizza store and a rehabilitation practice in the coveted seaside suburb.

This two-storey building, which leases space to the pizzeria below and the physiotherapist above, will go to auction at 10am on June 28, unless sold earlier.

It offers total land area of 121sq m, has a single freehold title and generates total net annual income of $97,140 plus GST a year.

“We had to pinch ourselves to make sure this wasn’t just a pleasant dream — that’s how hard is it to find a commercial property of this calibre to sell in St Heliers,” Fowler quips. “It’s the first time in 40 years this property has been for sale, and I just wish had 20 similar ones to offer investors.”

Fowler says Domino's Pizza — which began a seven-year lease in 2016 — provides about 73 per cent of the property’s rental income.

Occupying the ground floor, which is 100.18sq m, the pizzeria pays rent of $71,140 net annually. It has two rights of renewal, of five years each.

Meanwhile, Bay Physiotherapy, which occupies the remaining space (about 65sq m) on the first floor, pays the balance of the rental income.

The physio’s part of the building is accessed by a private staircase from the street, says Fowler.

“The medical practice pays annual rent of about $26,000 net at present having a three-year-lease with two further rights of renewal (of two years each). However, it should be noted that the space it rents would also suit offices.”

Braid points out that the sunny north-facing property stands on the southern side of Polygon Rd.

“It is well-sited — being close to its intersection with St Heliers Bay Rd and set just a block back from Tamaki Drive, and beautiful St Heliers Beach,” he adds.

“There is free time-limited car parking outside the building, and the main bus stop for St Heliers is a mere 50m along Polygon Rd. Remember, this affluent suburb at the end of Tamaki Drive is just 15 minutes’ drive from Auckland CBD.”

Braid says it would be an under-statement to say the eastern bays suburbs of Auckland are highly desired.

“St Heliers has had a median sale price for residential properties of $1.68m over the past 12 months, which shows how keen folk are to buy here.”

St Heliers Bay has a distinctive character because its residents treasure the village-like atmosphere.

“The many restaurants and boutique stores provide a friendly and personalised service. And with free on-street parking, a wide range of services and being close to the beach, St Heliers is perfect for both locals and tourists. Summertime brings an influx of visitors, attracted by the many recreational areas, excellent cafes, shops and restaurants of the village,” says Braid.

“The beach here is a gem in the heart of Auckland, with harbour views, a white sand beach, renovated boardwalk and a location that’s both safe and pleasant. Arguably St Heliers delivers the very best lifestyle Auckland can offer.”