Seven new retail investment units with quality tenants in Silverdale north of Auckland will go under the hammer later this month.
"These units each represent an ideal, passive opportunity," says Euan Stratton of Colliers International who, with colleagues Matt Prentice and Shoneet Chand, is marketing the properties at 175 Millwater Parkway for auction at 11 am on May 26.
"Quality investment opportunities in high growth locations like this don't come by often." Stratton says. "The new owners of these units can sit back while earning good rental income from proven tenants, with set rent review mechanisms securing future growth in one of the fastest growing regions in New Zealand."
"This new, two-level complex's extensive street profilein the heart of the burgeoning Millwater precinct is also a scenario unlikely to be replicated any time soon."
Stratton says nine other retail units in the complex have already been purchased by owner occupiers, indicating a degree of confidence for new investors in regards the long term development and maintenance of the property.
The tenancies for sale include six ground floor units: The Pet Store, Bruce Lee Sushi, Millwater Takeaways, Mumbai Central, Barbershop Co, Mike Pero Real Estate and a larger, first level tenancy, Jetts 24 Hour Fitness, which occupies two units.
They range in size from 104 sq m to 321 sq m, and generate respective net rental incomes from $39,191 to $86,921 per annum.
All leases have structured built-in rental growth and extend from six to 10 years with further rights of renewal for long term security.
Millwater Central, a two-level retail and commercial complex, was developed by Broadway Property Group which is well known for Auckland's popular Botany Junction development. Broadway worked closely on the Millwater project with Auckland Council's Urban Design Panel.
Prentice says a large emphasis was placed on the quality of construction and design for the complex which is easily visible given its dominant presence in the landscape and wide road front profile with drive around access.
"The end result is an innovative, modern building constructed using low maintenance, precast concrete that offers premium signage opportunities, a state of the art ventilation system and amenities."
The six ground-floor, road-frontage, units have extensive glazed windows providing high exposure and good natural light.
Generous car parking is available directly at the front of the property while Jetts Gym, first floor tenancy, also has good parking at the rear of the building due to the site's sloping elevation.
"Strong attention has been placed on security measures including closed circuit television, fire alarms systems and an access control system to the internal building services area which are indicative of the state of the art nature of the development," Prentice says.
Millwater is situated between Silverdale and Orewa, with recent, upgraded transport links to the northern motorway in the form of the new Wainui Road interchange connecting to Millwater Parkway which is due to open late 2015. This motorway network opens up immediate access to Albany, Takapuna and Auckland CBD and can also be easily accessed via the Hibiscus Coast Highway which also connects to Millwater Parkway.
Chand says the anticipated population increases within Silverdale's catchment means the future for Millwater retailers looks sound.
"Housing development is well underway with 3500 sections on offer that will accommodate housing for over 10,000 residents.
"The retail centre is ideally placed providing a logical, central hub to cater to this growth."
Other features and development in the area include two kindergartens and six schools - all with high decile rankings. There are also three international golf courses, numerous parks and walks as well as several beaches within a very short distance.
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