Investment slice of Titirangi
A long-held, well-known retail and caf property popular among foodies on a high-profile street corner in Titirangi has come up for sale.
Marketed by Deborah Dowling and Brett Whalley of CBRE, the fully-occupied freehold property, at 120 Park Rd, goes to auction at 11.30m, December 5, unless sold earlier.
Dowling says the affordable, quality property has come onto the market for the first time in 25 years.
“The fully-let property is in a low vacancy area, with three tenants including a recently refurbished cafe managed by a highly-regarded operator,” she says.
“The property also has future development potential due to its favourable zoning offering multiple options. As well as the built-in annual rental growth, it offers possible rental upside in the near future with a review to market due in
2019. Each of the three leases have personal guarantees, providing extra security for the incoming owner. In short, this is a great and affordable way for the right purchaser to own their own slice of Titirangi, a thriving part of Auckland.”
Occupying a freehold corner site of about 587sq m, the property provides a total floor area of 486.6sq m through three separate commercial and retail spaces, shared corridors and external decks.
Fully occupied with three separate tenants, it returns a net $96,114+GST pa.
● The main area, which is accessed from Park Rd, is occupied by well-known local eatery Park Rd Kitchen. This
261.19sq m cafe space includes a professional commercial kitchen area and separate amenities plus a covered outdoor dining area. With the recent refurbishment, the cafe offers locals and visitors a quality dining experience with healthy food and unique coffee options.
● The 143.46sq m premises at the rear is occupied by the offices of Infruit Ltd, which sources quality fruit and vegetable ingredients, including purees, pulps, powders, juices, and concentrates for the food and beverage industry.
● A lower floor retail studio of 81.99sq m is occupied by 3 Bears Woodland, one of the first maternity and nursing wear businesses established in New Zealand. The lease commenced in May 2016.
Timber decks extend off the cafe and rear office elevations. The remainder of the site is tar-sealed, with landscaped garden areas along the boundaries and car parking.
The property has been improved and upgraded over the years, including adding space to the side of the property which is now operated by the caf and
used for extra conferencing rooms and additional storage and seating.
It is at the western end of Titirangi Village, at the corner of Park Rd and South Titirangi Rd. About 25 minutes from Auckland CBD, the property has easy and close access back on to Titirangi Rd and is near arterial bus routes, says Whalley.