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Home / Property

Investment property to bank on in Otara

NZ Herald
19 Apr, 2014 01:38 AM2 mins to read

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Retail property occupied by ASB Bank in the Otara town centre.

Retail property occupied by ASB Bank in the Otara town centre.

A retail property occupied by the ASB Bank in the Otara town centre and generating about $56,000 plus GST and outgoings in annual income will go under the hammer next month.

"This property at 15 Fair Mall is strategically located in a corner position at an entry to the mall with a large public parking area directly in front," says Agnes Teh, commercial and industrial agent with Barfoot & Thompson Commercial, who is marketing it for sale by auction at the agency's 34 Shortland St auction room at 10.30am on Wednesday, May 14, unless it sells earlier.

The building with a total area of 276sq m occupies a freehold site of 227sq m and comprises a ground floor area of 206sq m and first floor of 70sq m.

"Fair Mall is in the Otara town centre which is on the northwestern corner of the Bairds Rd and East Tamaki Rd intersection," Teh says.

"The premises has been fitted out by ASB Bank with the ground floor double doors opening from the corner into an open banking chamber area, two offices and a strong room. An internal staircase at the rear gives access to a first floor area containing a lunch room with a stainless sink bench and cupboards, men's and ladies' toilet rooms and a hallway."

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Teh says the lease to the ASB Bank has been renewed for a further term of three years from April 1 this year with three rights of renewal of three years each, taking the final expiry date to March 31, 2026.

"The property is well located with the Manukau Institute of Technology on its western side and in respect to the surrounding road system and motorway links to the Auckland central business district," Teh says.

She says Otara provides a good labour pool with a large customer base for retail outlets in Fair Mall.

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