Centre in a popular spot

These well-presented shops draw plenty of customers. Photo / Supplied

A suburban retail centre with seven shops on Auckland's North Shore is being offered for sale for the first time since 1963.

Marketed by Shoneet Chand and Deborah Dowling of Colliers International, the properties - on a 2861sq m site at 573-575 Glenfield Rd - are spread across three freehold titles and will be auctioned as one parcel on November 10, unless sold beforehand by private treaty. The vendor, a family trust, is selling to free up capital for other projects.

The seven tenancies - a medical practice, chemist, butcher, dairy, bakery and two takeaway outlets - generate $155,464 a year in rent. A small house at the rear of the site forms an eighth tenancy, which is occupied and included in the rental.

Dowling says the leases have expiry dates spread between March 2013 and December 2020. Chand says the popularity of the well-presented neighbourhood shopping centre is such that there have been no vacancies for over 10 years.

"This is a rare opportunity to purchase an entire suburban shopping block that is fully let to established tenants and has not been on the market for almost 50 years.

"It will provide a secure cashflow and significant rental growth for many years to come."

The site has development potential, with consents in place for four townhouses on the rear of the property, which would give each townhouse panoramic views across to the city, Sky Tower and Rangitoto.

There is a large area for off-street parking at the front of the site, with further parking behind.

Dowling says the shops' location on the corner of Glenfield Rd, Wairau Rd and St Thomas More Lane makes them highly visible to locals and passing motorists.

"They are just far enough away from the business areas of Wairau Valley, Albany and Glenfield Shopping Mall to be very attractive to the local residents from a convenience point of view."

The properties, zoned Business 1, benefit from public transport links, with a bus stop directly opposite on Glenfield Rd.