Milford lauded as ‘the place to buy’
Afully tenanted commercial premises in the tightly held Milford Shopping Centre will be auctioned on November 30, unless sold earlier. The two-level property is at 159 Kitchener Rd, at its intersection with Hurstmere and Omana roads.
This North Shore location is effectively at the northern boundary of one of the most prosperous retail precincts in Auckland, says NAI Harcourts commercial sales and leasing agent Isaac Tankard, who is selling the property with colleagues Nick Young and Rob Meister.
The Milford shops serve a clientele that generally could be described as comfortably off, he says.
It is a retail precinct amid upmarket residential areas bounded by Lake Pupuke, Milford Beach, East Coast Bays and the upmarket Takapuna CBD.
“The appeal of Milford means it’s an extremely low vacancy area, renowned for being close to North Shore Hospital and surrounding medical facilities. There are desired colleges and schools and a retirement village as well, adding up to a highend location where fresh commercial stock is seldom seen.”
Tankard describes the freehold property as compact, yet high profile, as it features a commercial frontage to the busy intersection. The ground floor is about 88sq m and, at the top of the stairs, the first floor space comes to about 71sq m. Both floors offices have individual kitchenette and toilet facilities. Total floor area comes to about 150sq m, and the land area is about 205sq m — including four car parks.
Tankard says the ground floor of the building tenanted by Small Business Accounting, which pays $22,800pa. The first floor is tenanted by Grand Aust NZ pty Ltd, which pays $21,230. The total income therefore is $44,030pa before costs.
Small Business Accounting is on a four-year-lease (which commenced October 1, 2014), having two four-year rights of renewal.
The tour guide and travel agency firm Grand Aust NZ Pyt Ltd is on a three-year lease (which commenced April 15, 2015), having two three-year rights of renewal.
The capital value is $800,000; seismic rating (IEP) is 45 per cent of the NZ standard and the zone is Business Town Centre.
“This last detail is significant to investors, as this zone allows for a future building height of 18m,” says Tankard.
“Permitted uses include dwellings plus a range of commercial uses.”
The Milford retail precinct is a special one, surrounded by its own popular neighbourhood, with good proximity to the Northern Motorway via Northcote Rd, plus impressive (by Auckland standards) public transport options.
The New World supermarket and likewise revamped Milford Shopping Centre are standout facilities. The shopping centre has $180 million development plans, comprising 20 new mall retail stores, plus 115 luxury apartments.
“The Milford centre is impressive now — yet still to undergo exotic and exciting changes,” Tankard says. “Investors should take advantage of this opportunity by ensuring that they too become part of this desired area.”
‘The appeal of Milford means it’s an extremely low vacancy area. Isaac Tankard, Harcourts