Shops on market in popular city area

By Colin Taylor

Three shops are for sale at 75 Anzac Ave, Auckland city.
Three shops are for sale at 75 Anzac Ave, Auckland city.

Three shops in an Auckland CBD mixed-use complex at 75 Anzac Ave are up for sale, with one of the shops offering an option for an owner occupier.

The shops come under one title, Unit A, and are part of a unit-titled, four-level building that was refurbished in the late 1990s and converted to retail at ground level with residential apartments above.

"The property comprises the only retail in the building and all three shops until recently have been fully leased," says Quinn Ngo, of Bayleys Auckland, who is marketing the shops for sale as one unit, in conjunction with colleague James Chan.

They are among a variety of commercial and industrial properties which will go under the hammer on October 23 as part of Bayleys' latest Greater Auckland portfolio.

Ngo says the empty shop was a liquor outlet, meaning the building had previously been approved for a liquor licence. "It is not that easy to get a licence in the city these days and we have already had some tenant inquiry about that space."

He says the shops total 562sq m. Shop 1 of 183sq m is leased to internet cafe and ICT services company Netbar Limited; Shop 2 of 142sq m is vacant; and the biggest, Shop 3, of 237sq m, is leased to Tokyo Trading. The two occupied shops are producing net annual rental income of $116,000.

"An owner occupier could move into the middle shop and have the benefit of the income from the other two retail outlets, or an investor could increase the property's return by leasing the vacant shop," Chan says.

Netbar has a new four-year lease in place with another four-year right of renewal, giving a final expiry date of 2021 if exercised.

Tokyo Trading, a household merchandise retailer, has a six-year lease from September 2012 with a final expiry date of 2024 if it exercises its two rights of renewal.

Six secure car parks are included with the property - two per tenancy. Additional street parking is available along Anzac Ave, in nearby side streets and in parking buildings next door and across the road.

Ngo says the attractive and well-presented building is well located on the southwestern side of Anzac Ave.

"The shops benefit from the building's high internal stud height and its substantial frontage to Anzac Ave with its high exposure to vehicle and foot traffic," he says.

"The immediate area is well known for a good mix of multi-level office, retail, accommodation and residential properties.

"It's in a very central location and is a popular inner-city residential area because of its accessibility to numerous city locations and transport routes."

Essential public transport services, the Britomart train and bus station and the ferry terminal are within walking distance, with bus stops on Anzac Ave.

- NZ Herald

© Copyright 2014, APN New Zealand Limited

Assembled by: (static) on production bpcf01 at 26 Oct 2014 06:15:23 Processing Time: 425ms