A fully-leased retail property on a prominent corner site in Pukekohe's town centre is being offered to the market with multiple income streams and future redevelopment potential.
Colliers International is presenting the 1100sq m freehold property at 1 Queen St, for sale by auction at 4.30pm on November 14, unless it sells earlier.
The agency's South Auckland director of investment sales, Matt Barnes, says the property's eventual buyer will secure one of the most visible sites in the township.
"As Auckland's growth accelerates and development pushes further south, Pukekohe is poised to undergo an unprecedented wave of urbanisation. This property is well positioned to capitalise on that growth. It occupies a strategic position at the western end of town, by the roundabout connecting Queen, King, Seddon and West Sts.
"With huge exposure to passing traffic and its distinctive wedge-shaped site, the property is easily one of the most highly recognisable in Pukekohe."
The property has a net lettable area of almost 600sq m and 15 on-site car parks, shared between the three tenants, he adds.
"It is fully leased to a bar, restaurant and fish and chip shop, generating $184,608 plus GST in net annual rent. Each of the leases includes rent growth provisions.
"With final lease expiry dates between May 2023 and April 2028, the property has a favourable weighted average lease term of more than six years."
Barnes says the property comprises three adjoining buildings with an area of undeveloped land at the rear, that is utilised as on-grade car parking.
Shop 1, on the northern corner of the site, is a two-story weatherboard building with a net lettable area of 346.6sq m. It is tenanted by Smart Bar.
Shop 2 is a single-storey building with a net lettable area of 160sq m, tenanted by Poco Loco restaurant.
Shop 3, the smallest building on the site, has a net lettable area of 93.2sq m. It is tenanted by fish and chip takeaway restaurant Fisherman's Catch.
The property is zoned Business Town Centre under the Auckland Unitary Plan, allowing for long-term redevelopment of up to 18m in height.
Gareth Fraser, Auckland director of investment sales at Colliers, says Pukekohe is about 50km southwest of Auckland's CBD.
"The township services its own population of more than 30,000 as well as the wider Franklin District, which includes the growth hubs of Waiuku, Pokeno, Tuakau and Karaka.
"It's only eight minutes from State Highway 1, putting it within 45 minutes of Auckland's CBD via car.
"Pukekohe can also be accessed via SH22 from Drury, which is earmarked for substantial industrial, commercial and residential growth.
"Pukekohe Train Station is centrally located off Manukau Rd, a main urban road through town, with regular services providing an easy commute into Auckland CBD."