Silverdale store in 'dream' location

Brokers selling a five-year-old Silverdale convenience store describe it as having a 'dream' location, with access to customer parking.

Barfoot & Thompson commercial sales manager Simon Farland and colleague Elaine Tutty, are selling the property at 20A Wainui Rd.

Farland says the single-level retail unit of about 300sq m is now leased to Joy Culture Co Ltd trading as Pick Fresh.

It has its own rear goods loading access, two dedicated car parks and access to communal parking.

"The unit was purpose-built in 2013, using the well trusted tilt-slab concrete construction," he adds.

A freehold property, it is prominent among three blocks of similar retail units, which are situated to the corner of Wainui Rd and Silverdale St.

Now earning $94,000 net rental per annum, Farland says the tenant's eight-year-lease has a first term expiry of December 1, 2020.

"There are two further rights of renewal of four-years-each and the next market review is scheduled for December 1, 2018.

"The underlying parent site comprises a regular-shaped block of 4806sq m. This places the property in the very useful Business Town Centre-Silverdale zone - just opposite the Silverdale Centre," says Farland.

He says in recent years Silverdale has grown in popularity with extensive commercial and residential development. It has been hugely successful, with major tenants including The Warehouse, Countdown, Noel Leeming, Super Cheap Auto and other national and international retailers which all signed-up for space in the centre before construction was even completed.

"Other large retailers including Pak'nSave, Bunnings and Number 1 Shoes have also opened stores here after recognising the strong growth potential of Silverdale.

"The new Silverdale Mall, on Millwater Parkway including a new, two-level Farmers department store has also recently opened in the area. The adjacent Millwater residential area is expected to house 10,000 residents when completed. It will include a swimming centre, gymnasium, kindergartens, primary and secondary schools."

Farland adds that Silverdale has evolved into the commercial hub of the Hibiscus Coast and Northern Rodney region. Population growth projections for the period 2011 to 2031 are 57 per cent.

"At that point expectations are that there will be 140,000 people in the former Rodney area. This projected growth rate is higher than for the adjacent North Shore and actually than that of the overall Auckland region."

He says the property's capital value (improvements and land) is $1,875,000.

Operating expenses are $21,234.57 (including ACC rates $10,822.14 and body corp $10,412.43)