Chance to corner affluent market
A multi-tenanted commercial standalone property for sale on a prominent corner site offers investors the chance to tap into a wealthy Auckland suburban catchment.
The two-level freehold property in St Johns provides a hub of neighbourhood amenities. Its high-profile location at a junction on busy St Johns Rd assures excellent exposure to high traffic flows.
The property is fully leased to three longstanding tenants — a popular takeaway food outlet, a hair studio and a cafe — providing diversified total annual net rental returns of $79,209 plus outgoings and GST.
110-112 St Johns Rd is being marketed by James Were and Phil Haydock of Bayleys Auckland Central. It will be sold by auction on Wednesday 15 June, unless sold prior.
Were said the offering comprised a wellpresented building of approximately 209sq m on some 172sq m of freehold land with two car parks.
“Constructed around the 1960s, the property incorporates two ground-floor tenancies of approximately 62sq m and 38sq m plus an upstairs tenancy of some 109sq m.
“The larger ground-level tenancy is leased to Bamboo Kitchen, a popular provider of Asianinspired takeaway food, burgers and fish’n chips. Alongside it is a cafe, while upstairs is an established hair and sunbed studio,” said Were.
The ground-floor tenancies have access off St Johns Rd as well as from a car park at the rear. The upstairs tenancy is accessed via stairs from St Johns Rd.
“The presence of these three diverse, wellestablished tenants will maximise the site’s appeal to investors. With its prominent corner position and favourable zoning, there is also future development upside,” Were said.
The site’s Business–Neighbourhood Centre zoning under the Auckland Unitary Plan generally applies to corner stores or small shopping strips located in residential neighbourhoods.
Haydock said the zone was designed to meet the regular retail and commercial service needs of residents and passers-by, typically enabling buildings of up to three storeys with residential use permitted at upper floors.
“St Johns Rd has busy traffic flows, providing retail tenants with a high level of exposure, and it also links the area with neighbouring suburbs such as Remuera, Meadowbank and Eastern Bays.
The Meadowbank village and mall is a short distance away, offering a wide range of facilities.
“The area is also well served by public transport. There are plenty of bus stops along St Johns Rd and Meadowbank train station is within walking distance.
“The Greenlane motorway on-ramp is less than 4km away, providing easy access to both the Northern and Southern motorways,” Haydock said.