The Huapai strip has five shops and two offices. Photo / Supplied
The Huapai strip has five shops and two offices. Photo / Supplied
A multi-tenanted strip retail property comprising five shops and two offices on the main road running through Huapai, northwest of Auckland, is being offered for sale by auction on March 15 unless it sells prior to that date.
John Davies of Colliers International, who is marketing the property with colleagueShoneet Chand, says the seven separate tenancies have all been fully leased for the past 27 years, with no vacancies.
The 2154sq m single-title freehold site, at 302-312 Main Road, State Highway 16, Huapai, is anchored by a modern Westpac branch, complemented by retail and office tenancies returning a total annual net income of about $166,000.
Davies says the retail units have been immaculately maintained by Doug Edgar who has owned the property for 27 years.
"The shops are all very well-presented and form part of a busy convenience shopping centre serving locals and passers-by along State Highway 16."
The tenants are on various lease terms, with expiry dates between October this year and September 2025 which makes for good "risk spread", Davies says.
The property, with a total floor area of 745sq m, comprises five retail shops, with first floor offices and a weatherboard villa converted to offices as well as storage at the back of the site. There are plenty of carparks at the front and back of the property.
"The newly-refurbished Westpac branch is drawing increased visitor numbers to the property and generating a lot more tenant inquiries," says Davies.
The property's other tenants consist of a print shop, butcher, a takeaway outlet and a $2 shop, and an insulation company is in the recently-refurbished upstairs office and a civil surveying practice is in the villa.
Chand says the property's 28 per cent site coverage offers significant development potential. "An investor has a huge opportunity to add value here, whether it be through increasing the retail offering or constructing further office space." He says the property's Retail Service Zone designation permits mixed-use development and residential development.
Edgar says one reason many of the shopkeepers have been tenants for so long is that they know their customers personally. "Everyone knows everyone else around here. They feel part of a close-knit community."
Davies says the future looks bright for the area. "Kumeu-Huapai is less than 10km west of the Westgate town centre and mall development, which is currently under construction, and is earmarked as one of Auckland's future metropolitan city centres. We therefore expect to see strong interest in the auction room from buyers who recognise the growth occurring in the area driven by projected population increases.
"The State Highway 18 extension, which opened in August 2011, further opens up the area.
"Kumeu-Huapai and nearby Westgate are now linked to the Upper Harbour Highway, making the North Shore only minutes away by car - which should bring about a tremendous increase in visitors passing through the area on their way from the North Shore to the region's wineries and beaches."
