Two properties in fast-growing north and west

3:32 PM Friday August 2, 2019 True Commercial

51 Florence Ave, in Orewa.

Two commercial properties placed on the market by Telos Group Commercial offer buyers a chance to enter two fast-growing Auckland suburbs.

The properties, at 51 Florence Ave, in Orewa, and 1/354 Great North Rd, in Henderson, share several characteristics that are in demand from both owner-occupiers and investors, says broker Mustan Bagasra.

Opportunities to buy 51 Florence Ave close at 4pm August 9 and at August 22 for 1/354 Great North Rd.

"They're both in a sought-after size bracket for individual buyers, they occupy prime positions in growth locations and they also offer the opportunity to add additional value," Bagasra says.

Florence Ave is in the Orewa commercial precinct and No. 51 is just 300m metres from the beachfront. It is a 809sq m freehold holding and zoned Business Mixed-Use.

"Freehold commercial property is tightly held in Orewa and not many sites like this come up for sale," says Bagasra.

The property and its existing office and workshop are occupied by a commercial tenant until July 2020, giving the new owner time to prepare to occupy the property themselves, discuss possible renewal options with the tenant, or make plans to redevelop the site, he adds.

The property, at 1/354 Great North Rd is dual-tenanted and adjacent to WestCity Waitakere mall.

Occupied by an Italian restaurant and an electronics retailer, it offers an opportunity to acquire a split-risk investment that has been held by the same owner for 30 years, says Bagasra.

"This property is a great addition to investors' portfolios and has been a steady performer over the years.

"The two tenants are very well-established, with the restaurant having been operating for over 20 years and the electronics shop since 2012."