"So with all that, commercial properties are really tightly held at Milford and it's a real pleasure to be able to bring one of this calibre to market."
Bruce says the property has a history of full occupancy and promises to provide ongoing income security.
"Current net income is $262,525 and, when the vacant retail space is leased, it has the potential for earning to over $280,000. The part operative Auckland Unitary Plan's zoning is favourable from a permitted use and height perspective.
"This all points to a safe bet for both the short and long-term," says Bruce.
The property's capital valuation is $5.45m.
It is situated next door to a New World supermarket, occupying a large freehold title of some 758sq m. Three sides that have a roadway boundary, providing light to the buildings and also clear space for possible future development.
Seven retail tenancies are on the side facing Kitchener Rd and a commercial building with office and hospitality tenants is at the rear.
The front retail section of the property has a seismic rating equal to 100 per cent of the New Building Standard (NBS); the rear is rated at 95 per cent of NBS.
"Regarded as a premium location for investment, Milford is an area included in Auckland Unitary Plan zoning for potential future development, allowing up to five levels or 18 metres in height," says Meister.
