A retail and commercial investment property at 16-18 Anzac St, in central Takapuna, has been placed on the market for sale by auction for the first time in 12 years..
Providing income streams from eight separate retail and office tenants, the property is generating $290,300 in net annual rental income and is being marketed by Deborah Dowling, Jimmy O'Brien and Euan Stratton of Colliers International.
It is scheduled to go under the hammer at 11am on Wednesday, November 7 in Colliers' offices at 151 Queen St, Auckland.
"Properties in the retail business centre of Takapuna are very tightly held," says Dowling. "It's a great opportunity for an investor to own a prime piece of Takapuna commercial real estate - perhaps someone looking to diversify into commercial property or add to an existing portfolio."
The freehold property on a 537sq m site is a well-presented, two-level building housing three ground-floor retail units and five refurbished office suites on the first floor which share a large boardroom and amenities.
The building has a floor area of 931sq m, and recent maintenance on the property included renewing the HVAC (air conditioning system), replacing the roof and painting outside.
The property's retail and office tenants provide reduced investment risk, Stratton says. "The leases all have rights of renewal and rent reviews built in, providing a diverse and potentially growing income."
The three retail units are of varying sizes and are all occupied by longstanding tenants.
The five recently upgraded office suites are occupied by three small businesses. The rental on the two vacant suites is to be underwritten by the property's current owner on settlement for a 12-month period.
"The property has huge profile and signage exposure to Anzac St," O'Brien says. "The excellent location and multiple income streams mean it falls into an area of the market that investors find comfort with," says John Bowring, national auction manager, for Colliers International.
"Quality stock with the important investment fundamentals of a good location, strong tenant covenants and rental growth is always sought after by investors and this property has all those attributes as well as a diversified income stream."