There's no shortage of customers on popular Ti Rakau Drive. Photo / Bruce Clarke
There's no shortage of customers on popular Ti Rakau Drive. Photo / Bruce Clarke
Smaller investors and owner-occupiers are being given a rare opportunity to stake a claim on the sought after Ti Rakau Drive retail strip in East Tamaki.
The 154sq m unit at 290A Ti Rakau Drive has been occupied by a Chinese souvenir shop and travel agency for 10 years.
Thelessee exercised a one six-year right of renewal in 2009 and the lease produces a net annual rental income of $53,900, with a rent review early next year.
The property is being marketed by Rachael and Mark Pittaway of Bayleys Auckland, and Katie Wu, Bayleys Manukau. It will be among 30 commercial and industrial properties which will go under the hammer in Bayleys' Auckland auction rooms on December 5.
"It's not often that affordable retail investments, particularly in the sub-$1 million price bracket, become available on the roadfront on Ti Rakau Drive, with most of the properties being much larger premises occupied by national and international bulk retailers," Rachael Pittaway says
"This unit is prominently positioned on the busy main arterial in an area where properties rarely become vacant.
"We are expecting bidding from both investors, attracted by the strength of the location, and owner-occupiers looking for an entry option into the area when the lease expires in early 2015 - and happy to bank the unit's income in the meantime."
Ti Rakau Drive is the main road connecting the East Auckland suburbs of Pakuranga, Botany and Howick and is popular with retailers, says Mark Pittaway, because of the huge volume of traffic and proximity to the motorway.
The property is within a well-established convenience retail precinct characterised by high-profile businesses.
A large commercial and residential community is nearby and a vibrant restaurant precinct behind the property.
The unit is tenanted by Quay to NZ Souvenirs.
"It operates a specialty store which has established a niche in the retail market selling New Zealand gifts primarily to local Chinese people who are visiting China and want to take a souvenir of their new homeland with them," Rachael Pittaway says.
