Shang Way Corporation, trading as Jacaranda Cafe, rents 74sq m of the ground level on a four-year lease commencing January 18, 2013, paying $19,200 annually plus GST with two two-year rights of renewal taking a potential final lease expiry to January 17, 2021. A further 140sq m on the ground level is vacant; 17 associated car parks are included in the sale.
"The building has had some upgrading over the year and is estimated to have been constructed around the 1950s or 1960s," Seekup says. "It is set back on the site close to the water near the western boundary, providing views across a car park to Murrays Bay Beach and the Hauraki Gulf.
Seekup has also teamed with colleague Warwick Lewis to market a well-located investment property at 427-433 Hillsborough Rd, Mt Roskill, which will be auctioned at 10.30am on Thursday May 1 at Barfoot & Thompson Commercial's auction rooms at 34 Shortland St in the CBD.
"It comprises four fully leased commercial units and two residential units that offer a purchaser a home with income," Seekup says. "Positioned on a prominent corner intersection of Hillsborough Rd and Quona Rd, it has exceptional visual exposure and the upper-level home has expansive sea views of the Manukau Harbour and distant views to the Bombay Hills."
The freehold property has a floor area total of about 567sq m and is generating annual income of more than $93,000 plus GST from tenants operating a hair salon, an IT service company, a hair and beauty shop and a taxation consultancy; and including the rent from the two residential properties.
Lewis says the owner has decided to sell the Business One-zoned property after 16 years of financial return with minimal vacancy.
The property comprises three lots on a single title and was constructed in two stages with the four commercial units and the basement flat completed about 1962 and the three-bedroom completed in 1984.
