Top site offers triple dip into flourishing market

Three properties are for sale at 239-245 Manukau Rd, Pukekohe. Photo / Supplied

Three Pukekohe properties, created from one original title and located at 239-245 Manukau Rd, are being offered for sale by Glen Hitchcock, Larry Bell and Jason Woodyard of Barfoot & Thompson Commercial, with tenders closing at 4pm on Thursday, November 12 at the agency's offices in Manukau city.

"The properties are well-leased to the likes of RD1, Target Furniture and Fresh'N Save Ltd," Hitchcock says.

"They comprise a two-year-old large-format retail centre with two independent buildings. One building, contained in one title, is leased completely to one tenant, RD1. The other, on two titles, has been split up to provide for four tenancies."

Hitchcock says that at time of sale, the property tenanted to RD1 is generating rent up to $308,000 per annum; the property tenanted to Target Furniture is bringing in annual rent of $182,800 and the property split into three tenancies, including Fresh'N Save and the Café, is generating rent of $394,400 per annum.

"The site is zoned Business under the Franklin District Council's District Scheme and the rentals are subject to review," Hitchcock says.

Hitchcock says if any prospective buyer proposes to submit an offer for more than one unit, it is essential that the tender clearly identifies the price being offered for each unit separately.

The property is on the western side of Manukau Rd, about 1600m due south of Pukekohe Town Centre.

Bell says commercial property in Pukekohe has experienced significant growth over the last few years. "Greenfield and brownfield development opportunities are now rare, with current land shortages throughout Pukekohe.

"The southern section of Manukau Rd has taken on a much stronger retail emphasis. The site for sale has multiple points of access and adjoins a neighbouring property hub tenanted by Mitre 10, Kevens Carpet Court, Lollipops Educare and other high-profile established businesses.

"Recent development has mostly concentrated on Manukau Rd, with emphasis on bulk retail outlets like Zone Franklin alongside The Warehouse and The Mega Centre at the Counties Racing Club. As a result this location is seen as a growth area."

Woodyard notes that the three properties have substantial canopy areas and good signage potential.

He says the building designated as Property 1 (tenanted to RD1) has a net lettable area of about 1700sq m, Property 2 (tenanted to Target Furniture) is around 1000sq m and Property 3 (in three tenancies) is 2040sq m with a 70sq m mezzanine floor.

"Franklin is one of the fastest-growing districts or cities in the North Island, along with Rodney District and Tauranga City," Woodyard says.

"In addition, Franklin residents have above-average household income and an above-average home ownership ratio, which provides a stable and affluent base for businesses in the area.

"Pukekohe, as the main retail and service centre in the Franklin District, is emerging as an outstanding self- contained rural community with all modern amenities and a progressive and ever-expanding business and industry sector."