A retail complex encompassing eight separate shops in one of Auckland's main suburban shopping hubs is on the market for sale for the first time since the 1960s as part of Bayleys' latest Greater Auckland portfolio.
The family-owned North Shore property on the corner of Glenfield Rd and Bentley Ave, next to popular Westfield Glenfield Mall, returns $288,938 per year plus GST.
Grant Miller, Bayleys Auckland Central salesperson, says the property is leased by seven tenants offering multiple sources of income and a broad risk profile for a new owner looking for investment returns.
Miller is marketing the property with colleagues Terry Jones of Bayleys Northwest and Laurie Burt of Bayleys North Shore Commercial. It will be auctioned on October 23, unless sold before by private treaty.
Tenants include a BNZ branch, Chequers Finance, a dental surgery, a pharmacy, a real estate agency, hairdresser, and Birkenhead Licensing Trust's Innfield Bar, which occupies two shop areas.
Tenancy expiry dates range from 2016 to 2024, with terms of six to 15 years for the leases. Four leases have rights of renewal.
Situated on one title of 1122sq m, the property's seven retail shops have a combined floor area of 761sq m. The property is zoned Business 2 and has a total rateable value of $3,575,000.
Jones says it has huge road frontage to Glenfield Rd and Bentley Ave. "Its position next to Westfield Mall with its complex of more than 100 shops, including a Countdown supermarket, ensures a high level of street and foot traffic," Jones says.
"Due to its central location, the property receives excellent exposure and is well-frequented by shoppers and residents, especially those going to the Westfield mall. The sale represents an opportunity for a potential buyer to invest in Glenfield."
The building has undergone refurbishment over the years in keeping with tenancy requirements, as well as ongoing upgrades and maintenance. Tenant parking is available within the mall. An independent seismic assessment commissioned by the owner is available.
Glenfield Rd is a main arterial route linking Birkenhead and Birkdale with the East Coast Bays. Nearby residential and commercial precincts include Birkenhead, Birkdale, Glenfield, Wairau Valley and Takapuna.