Royal Oak ‘gem’ for sale
NAI Harcourts agent Isaac Tankard is marketing a popular retail property in Auckland’s Royal Oak Mall.
Unit F, 691 Manukau Rd, is to be auctioned at 1pm on November 29, unless sold earlier.
Tankard says the freehold property, with a total area of 188sq m, holds a good position within the busy Royal Oak Mall.
“This significant retail hub serves many thousands of locals plus visitors from other parts of the city. Royal Oak Mall has more than 50 shops, including Pak’n’Save, OPSM, ANZ Bank, McDonald’s, Subway Whitcoulls and Jetts,” says Tankard. “It also provides 600 shared car park spaces.”
The tenants are well known retailers Black Pepper and T&T.
The property generates a combined annual return of $74,987 (plus GST), from the two tenants:
Black Pepper is nearing the end of a four-year-lease, with a four-yearrenewal beginning next year, while T & T’s has a month-to-month tenancy agreement.
The property a seismic rating equal to 71 per cent of the New Building Standard. “Considering the prime location and high foot traffic, this retail gem is an excellent investment.”