A newly constructed 535sq m retail building in the Wairau Valley bulk retail precinct on the North Shore is for sale with six-year leases in place to Australasian-wide retailer Godfreys and a cafe.
The standalone building on a 1560sq m site on the edge of a man-made lake, which is a central feature of the Link Drive retail area, will go to auction on December 5 as part of Bayleys' latest Total Property portfolio.
Producing initial net annual rental income of $140,000, it is being marketed by Ed Donald and James Chan, of Bayleys Auckland in conjunction with Trevor Duffin, Bayleys North Shore Commercial.
Construction of the building was completed last year by Murdoch Newell & Co. "It is strategically located in the heart of one of the North Shore's proven retail centres, surrounded by high-profile national and international tenants," says Donald. "It has been built in solid concrete to a high standard with a generous internal stud height."
Anchor tenant Godfreys is occupying 420 sq m of the building on a six-year lease producing net rental income of $105,000 per annum, with two-yearly rent reviews and one six-year right of renewal.
Established in 1931, the company specialises in the sale of vacuum cleaners and has close to 200 stores across Australia and New Zealand.
David O'Connell, a director of Link Lakeside Holdings which owns the property and developed the new building, says they were approached by Godfreys which had been looking for a high-profile presence on the Shore and liked the site's visibility to the motorway and proximity to other major bulk retailers.
"We demolished the existing building on the site and started from scratch working with Godfreys to develop a building that suited their requirements but also future proofing it so it would last and could be easily adapted for another retailer's use if needs be at some stage down the track."
The remaining 110 sq m of the building has a six-year lease, with two-yearly rent reviews and two four-year rights of renewal, to the Linked Up Cafe which will produce net annual rental income of $35,000.
"There was a cafe in the previous building on the property which traded really well so we've also incorporated a new cafe in the development, maximising the outlook over the water," says O'Connell. The cafe features a polished concrete floor, with large sliding doors providing access to the outside dining deck area, which has a glass balustrade and provides views across the lake.
The cafe is in the final stages of fit-out which is being undertaken by Southern Hospitality. The cafe will be run by Jum Scot who owned and operated the Fox outlet centre cafe on the North Shore for many years.
The exterior of the Godfreys Building is of tilt slab concrete construction, with Alucobond used on parts of the facade to improve its street appeal and aluminium window and door joinery and a colour steel roof. The two tenants share common amenities including three toilets (one male, one female, one disabled), and a laundry and cleaners' cupboard and tub. The site has been sealed, curbed and landscaped with a total of 19 car parks associated with the property. There is also a goods service entrance at the back with truck access.
The Godfreys Building is next to Denny's Family Restaurant and across from the Good Guys appliance warehouse.
A link road leads past several high-profile retailers including Briscoes, Noel Leeming and The Warehouse Stationery.
Chan says the building has high visibility and branding profile to both the motorway and Link Drive.