Rent and develop options in Papatoetoe
A multi-tenanted standalone complex combining retail and commercial tenants is for sale at a high-profile location in Papatoetoe’s town centre.
The approximately 1548 sq m freehold site at 141 Kolmar Rd is home to a two-storey office building with a supermarket on the ground floor. The property enjoys exceptional visibility via three road frontages, just metres from the area’s leading shopping mall – Hunters Plaza.
The tenancies generate total net rental income of $141,062 plus outgoings and GST per annum, with upside available from filling a vacancy.
Colliers has been exclusively appointed to market the property by auction at 11am on Wednesday 23 June, unless sold prior.
Gawan Bakshi, investment sales broker at Colliers, says the site houses a building of approximately 903 sq m along with secured onsite carparking for 32 vehicles. The substantial freehold land for sale is Business Town Centre Zoned, presenting flexible options for future uses.
“The ground floor includes some 446sq m of retail space occupied by the anchor tenant, DH Supermarkets. A smaller office area on the ground floor is leased to a mail delivery service. Level 1 has three tenancies, two of which are occupied by tenants in the community and education sectors, while one unit is vacant.”
Ryan Gibb, investment sales and leasing broker at Colliers, says resource consent has been granted for six two-bedroom apartments on level 1.
“With site coverage currently around 30 per cent, there is plenty of scope to add value and capitalise on the favourable development zoning in the future if desired,” he says.
Ronal Prasad, investment sales and leasing broker at Colliers, says the site benefits from its development-friendly zoning, with a building height allowance of 18m.
“Papatoetoe is considered a priority location for regeneration by Auckland Council’s development arm Eke Panuku Development Auckland.”