Units A-E comprises a 10 tenancy retail block at 219 Moore Street, Howick.
A fully tenanted retail block with 10 tenancies is for sale in the southeast Auckland suburb of Howick.
Units A-E 219 Moore St is being marketed for sale by Albert Quan of NAI Harcourts North Shore.
The standalone freehold property is in five titles, positioned on a road front site of about 5473sq m.
The two one-storey buildings are estimated to have been built around 2005. Each of the five titles consists of two tenancies, making a total of 10 tenancy spaces. The property is for sale by deadline treaty at 4pm on April 1 unless sold prior.
Notable tenancies include the following:
• Unit A is leased by HHH Advertising media, a manufacturer and retailer of advertising products. They have a three-year lease which expires in 2018, with two rights of renewal for an additional three years. Rent is $24,000 per annum on a floor area of approximately 101sq m. The second tenancy in Unit A is Healthy Grocers NZ, Limited, a specialty grocery and wholefoods retailer, as well as a cafe. The lease is four years, expiring on July 28, 2019, with two rights of renewal for four years. The annual rent is $56,420 on a floor area of approximately 217sq m.
• Unit B is tenanted by Howick Fruit Market Limited and Praveena and Tejaswi Holdings Limited. Howick Fruit Market Limited is a fruiterer with a six-year lease. Expiring on November 12, 2023, there are two rights of renewal for six years. The annual rent is $135,720 on a floor area of approximately 525sq m. Praveena and Tejaswi Holdings Limited is a pizza vendor. Theirs is a three-year-lease, with no rights of renewal. The lease expires on December 14 next year. Annual rent is $23,000 on a floor area of 90sq m.
• Unit E is tenanted by Xin Xiang Rong NZ, a Two Dollar-type shop, with a six-year lease expiring on April 30, 2018. There is one right of renewal for six years. The annual rent is $38,156 on a floor area of approximately 155sq m.
The second tenancy in Unit E is held by Miuwa Coffee Limited, a cafe that also sells jewellery and paintings. The lease is three years, expiring on February 28, 2018, with two rights of renewal for three years. Annual rent is $35,000 on a floor area of 166sq m.
• Unit D is tenanted by the Order of St John Northern Regional Trust Board and Raw Essentials Limited. The Order of St John Northern Regional Trust Board runs an opportunity shop and has a three-year lease, expiring on November 7, 2018. There is one right of renewal for three years, with annual rent of $55,414 on a floor area of about 245sq m. Raw Essential Limited is a retailer of pet food. It has a three-year-lease, which expires on February 7 next year. There are three rights of renewal for three years each.. The annual rent is $24,786 on a floor area of about 82sq m.
• Finally, Unit C is tenanted by Kip McGrath Education Centres NZ (2006) Limited, a child education facility, and Xie Li Limited, a Chinese restaurant. Kip McGrath has a five-year lease, which expires on July 8 2020. There are two rights of renewal for three years each. Annual rent is $35,000 on a floor area of approximately 168sq m. Xie Li Limited has a five-year lease running until November 21, 2020. There are two rights of renewal of five years each. The annual rent is $66,892 on a floor area of approximately 278sq m.
Quan says the property, which includes 88 shared carparks, has a net income of $490,224 per annum.
"This is a great opportunity for an investor who wants a split risk investment, with the potential for excellent return."
The retail block is located in the Business Zone 5 of Howick and is surrounded by residential areas. It serves a large number of households nearby. Future zoning under the Proposed Auckland Unitary Plan is Light Industry, which allows for light industrial activities that do not generate objectionable odour, dust or noise emissions.
This includes light manufacturing, production, logistics, storage, transport and distribution activities.