For the first time in 28 years, a block of four retail shops at 66-72 East Coast Rd, Milford, is on the market.
The property, which generates an annual net rental of $62,080 from four retail tenants, is being marketed for sale by auction through Barry Masefield and Graeme Perigo of Barfoot & Thompson Commercial and is scheduled to go under the hammer at 10am on December 13 at the Bruce Mason Centre, Takapuna.
Masefield says the shop sizes range from 31sq m to 60sq m and the property has a weighted average lease term of 3.5 years with two of the tenancies due for rent reviews.
East Coast Rd is a main arterial route beginning at Milford and servicing the East Coast Bays area and further to the north.
"The popularity of this suburban location has resulted in the shops always being fully leased," he says.
"The building owner was the chemist at the pharmacy when he purchased the block in 1984. Having long since retired and sold the business, the pharmacy is still the anchor tenant and has recently commenced a new six year lease."
Perigo says commercial properties in the area are tightly held and the sale is a rare opportunity to secure a prime Milford retail property.
"The relatively low net rental makes the property within the reach of the mum and dad investors. Having no body corporate issues and leased to well-established businesses, it will also suit family trusts."