Multi tenanted properties for investors to really mix with

This multi tenanted mixed use property for sale at 263 Mount Smart Rd, Onehunga, is producing net annual rental income of $131,190. Photo / Supplied

A multi-tenanted mixed-use Onehunga property, with a spread of income risk across 10 different leases, plus a Panmure service station will both go under the hammer on November 2 as part of Bayleys' latest Greater Auckland auction.

The fully leased 770sq m complex on a high-profile 1315sq m corner site at 263 Mount Smart Rd is currently producing net annual rental income of $131,190 plus GST from a variety of tenants.

Brice Clark of Bayleys Manukau, who is marketing the site with James Valintine of Bayleys Auckland, says the property draws its income from a good mix of six retail occupants, an automotive business, two residential tenancies and a cellphone tower.

Located on the corner of Mount Smart Rd and Felix St in Onehunga, the property was constructed in the 1950s originally as a grocery store with an adjoining arcade and specialty stores.

The retail units have a combined road-front presence totalling 11.2m on Mount Smart Rd and 36.5m on Felix St. They comprise two takeaway food outlets, a butcher's shop, a barber and a liquor store ranging in size from 35sq m to 60sq m, plus a 130sq m superette.

Clark says they have a good lease profile for a suburban retail complex, with lease terms running until between 2013 and 2019, with two-yearly rent reviews and various rights of renewal.

The two residential units and stand-alone industrial unit are accessed via Felix St.

The residential premises totalling 263sq m are located at the rear of the property and comprise a six-bedroom flat with three bathrooms and a two-bedroom flat.

The 165sq m industrial unit is occupied by an automotive business which has already exercised a one-year right of renewal from January next year and has roller-door entry. The 2degrees cellphone tower sits adjacent to this building.

Clark says the property is generally in a tidy state, with recent renovations undertaken to upgrade the main building's condition. However, he says there is an opportunity to add more value to the retail and industrial tenancies by further upgrading these premises.

Valintine says the property is well-located, with extensive road frontage to both Mount Smart Rd and Felix St.

"It sits on the border of a residential and commercial and industrial location which, in combination with its position on a busy arterial road, means that it captures a wide range of customers," says Valentine. "This is reflected in the fact that it currently has no vacancies."

Also up for auction on November 2 as part of Bayleys' Greater Auckland portfolio is a Panmure service station currently returning net annual rental income of $45,915 and marketed by Vivienne Lee of Bayleys Manukau and Sunil Bhana of Bayleys Auckland.

Located on an 809sq m site at 147 Pilkington Rd, the property is being offered for sale with a new five-year lease in place, plus two five-year rights of renewal, to a petrol alley (g.a.s) service station, part of a national network of smaller, independent service stations.

"With its central location on a main road, the Pilkington Rd property should benefit from the big population growth and major infrastructure improvements planned for the area," says Lee.