Great catch up for auction in Ōtāhuhu
Two high-profile adjoining properties on a prime Business Mixed-Use zoned site with dual access and dual frontage in the heart of Ōtāhuhu providing split-risk income streams is up for auction later this month.
The substantial stratum in freehold landholding at 23 Princes St and 26 Atkinson Ave currently accommodates South City Ltd, trading as the Ōtāhuhu Seafood Shop, and a residential investment with carparking providing combined net rental income of approximately $135,160 excluding GST (if any).
The properties sit in a town centre location with a rich concentration of amenities and transport links, within a suburb benefiting from local growth and public sector investment that are driving significant buyer interest.
Colliers has been exclusively appointed to market the properties for sale by auction to be held at 11am on Wednesday 23 June at Colliers Highbrook, Level 1, 52 Highbrook Drive, East Tamaki, unless sold earlier.
Gawan Bakshi, investment sales broker at Colliers, says the properties represent a number of benefits for investors looking to acquire two strategic landholdings with plenty of upside.
“23 Princes St is positioned on a substantial land parcel with the IEP A-grade seismic-rated building comprising of a regular shaped, singlestorey facility occupied by a popular seafood and convenience food retailer providing income of $105,000 per annum plus GST (if any).
“The residential property at 26 Atkinson Ave is currently occupied by a residential tenant on a residential tenancy agreement with income of $23,920 and an additional $6240 per year plus GST (if any) for the carparks.”
Ryan Gibb, investment sales broker at Colliers, says the properties’ positioning and location are strong investment drivers for purchasers.