A Sandringham multi-tenanted retail investment property offering medium-term rental growth will be auctioned next Tuesday by CB Richard Ellis.
A dance studio, tyre shop and supermarket lease 1410sq m of the two-storey industrial style building which is within a bigger complex divided into four unit titles.
Built about 1970, the
unit for sale at 335A Sandringham Rd returns about $182,000 a year from the two ground-floor shops, one first-floor tenancy used by the dance studio and 29 carparks.
CBRE sales brokers Dominic Ong and Jillaine Murray say there is good rental growth potential. "Compared to rents in the area, this property is at the lower end of the scale, averaging only $113 per sq m."
Ong says the owner is realistic about meeting the market. "This is a genuine investment offering upside for a retail investor's portfolio."
Payless Food Bazaar, an Indian supermarket stocking food, fashion and entertainment, occupies about 500sq m while St Lukes Tyre & Mechanical has leased 460sq m for its workshop and reception area. The Dance Studio on the top floor occupies 450sq m and its premises are partitioned to create various performance and breakout areas for some of the country's most experienced teachers/choreographers.
Murray says the two shops and dance studio will be suitable for various businesses if they are ever available for lease.
The building is mainly concrete including the floors and walls at ground level and the roof is galvanised iron.
"The high-profile property is only 550m from Westfield St Lukes mall and 5.3km from Auckland CBD. Sandringham Rd is a major city fringe arterial route linking Mt Roskill and Sandringham with the CBD."
