Retail properties have sea views

By Colin Taylor

470 Beach Rd, Murrays Bay, is ideally situated close to the waterfront.
470 Beach Rd, Murrays Bay, is ideally situated close to the waterfront.

Retail properties in Murrays Bay on the North Shore and south of the Auckland CBD in Hillsborough illustrate the differing offerings featured in Barfoot & Thompson Commercial's latest Insite portfolio containing 39 Auckland and Northland properties.

Matt Kirkbride and Gary Seekup of Barfoot & Thompson Commercial North Shore have been exclusively appointed to sell a 480sq m two-level retail property on a freehold 1236sq m site at 470 Beach Rd, Murrays Bay, and are marketing it for sale by deadline private treaty, closing on April 30.

"This is a rare, prime North Shore coastal commercial located just a short distance from the beach, park and the long-established Murrays Bay Sailing Club," Kirkbride says.

"Zoned Business 1, it is ideally situated in a corner position close to the waterfront directly opposite the Murrays Bay Beach foreshore giving it high visibility to a large volume of passing traffic on Beach Rd."

The top level of the building of 266sq m is leased to Jenga Traders trading as Serengeti Restaurant on a two-year lease commencing June 18, 2013, and generating $69,600 per annum plus GST with a final expiry of June 17, 2019, if all rights of renewal are exercised.

Shang Way Corporation, trading as Jacaranda Cafe, rents 74sq m of the ground level on a four-year lease commencing January 18, 2013, paying $19,200 annually plus GST with two two-year rights of renewal taking a potential final lease expiry to January 17, 2021. A further 140sq m on the ground level is vacant; 17 associated car parks are included in the sale.

"The building has had some upgrading over the year and is estimated to have been constructed around the 1950s or 1960s," Seekup says. "It is set back on the site close to the water near the western boundary, providing views across a car park to Murrays Bay Beach and the Hauraki Gulf.

Seekup has also teamed with colleague Warwick Lewis to market a well-located investment property at 427-433 Hillsborough Rd, Mt Roskill, which will be auctioned at 10.30am on Thursday May 1 at Barfoot & Thompson Commercial's auction rooms at 34 Shortland St in the CBD.

"It comprises four fully leased commercial units and two residential units that offer a purchaser a home with income," Seekup says. "Positioned on a prominent corner intersection of Hillsborough Rd and Quona Rd, it has exceptional visual exposure and the upper-level home has expansive sea views of the Manukau Harbour and distant views to the Bombay Hills."

The freehold property has a floor area total of about 567sq m and is generating annual income of more than $93,000 plus GST from tenants operating a hair salon, an IT service company, a hair and beauty shop and a taxation consultancy; and including the rent from the two residential properties.

Lewis says the owner has decided to sell the Business One-zoned property after 16 years of financial return with minimal vacancy.

The property comprises three lots on a single title and was constructed in two stages with the four commercial units and the basement flat completed about 1962 and the three-bedroom completed in 1984.

- NZ Herald

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