Retail offerings span City
Bayleys is pitching four retail properties spread across Greater Auckland as ideal prospects for entry-level commercial property investors and small portfolio owners.
The four comprise a liquor outlet in the city’s northern beachside suburb of Orewa; a cafe with an apartment above in one of its high-end suburbs; a block of shops in the east and a dairy and convenience outlet in the southern outskirts.
These retail properties are being sold individually by Bayleys Real Estate, with just the land and buildings on offer in all instances.
The four, listed in Bayleys’ Total
Property portfolio magazine, are: ● The land and building housing a block of seven tenancies at 8-14 Moore St in Howick. The recently refurbished 434sq m two-level building sits on 875sq m of freehold land, and generates a combined income of $143,965 from the six retail tenancies and one commercial lease. The property is being marketed for sale by deadline private treaty through Bayleys Manukau, with offers closing at 2pm on April 12. Salespeople Tony Chaudhary, Janak Darji and Amy Weng say it is a split-risk investment opportunity. Tenancies include a drycleaning outlet, a sushi shop, a cafe, a boutique designer secondhand clothing store, a hair dressing salon, an office, and an Indian restaurant.
“The tenancies are operating on leases with differing rights of renewal, most having two-yearly rent reviews. The rear of the property has substantial car parking, and the operational expenses are shared among the retail tenancies,” says Chaudhary.
The land and building at 571 Remuera Rd, which houses a trendy cafe at street level, with a twobedroom apartment above, generating a combined revenue of $50,000pa. The cafe is on four-year lease running through to 2021 with two further four-year rights of renewal.
This property is being marketed for sale through a tender process, closing 4pm on April 12. Salespeople Andrew Wallace, Genevieve Thompson-Ford and Cameron Melhuish say ground floor tenant Table Talk cafe has a high volume of foot traffic, being in the middle of the popular Upland Rd shopping precinct.
Melhuish says the cafe’s longstanding operator is also the tenant of the accommodation upstairs — delivering a strong relationship with the property’s owner, and a high level of tenant satisfaction. Both premises have been renovated, creating a modern feel to what was a character building.
“The 123sq m building sitting on 157sq m of freehold land has built-in rental growth — with annual three percent rent increases written into the lease. Both the ground floor retail space and upstairs dwelling measured 61.8sq m each,” he adds.
A traditional dairy/superette located at 70 St George St, Papatoetoe. It’s in the main retail strip, which stretches between the Wylie Rd/ Station roundabout, and the intersection with Wallace Rd.
The 326sq m block of freehold land in St George St sustains a 120sq m building trading as the St George Street Superette. It goes to auction on April 10 through Bayleys Manukau.
Salespeople Ash Jogia, John Bolton and Dave Stanley say the superette is on a two-year-lease, coming up for review later this year, with four further four-year rights of renewal. It delivers net annual net rental of $30,100.
A single-storey 85sq m premises at 8K Moana Ave, Orewa, zoned business town centre under Auckland Council’s operative unitary plan. The property is being marketed for sale at auction on April 11 through Bayleys Orewa.
Salesperson Mustan Bagasra says the sole tenant, Liquor Town, is on a three-year-lease expiring in 2019, with three further three-year rights of renewal. It generates a net rental of $30,000.
“Located in a horse-shoe-shaped block of multiple retail premises, Liquor Town is in a retail environment renowned for convenience.
“Within a compact area, shoppers can purchase a variety of goods, plus take-away meals, beer or wine,” Bagasra says. Liquor Town is among multiple retail premises and has 40 or so non-metred car parks immediately in front of the store.