The Chinese restaurant at 96 Rosedale Rd has internal and outdoor dining. Photo / Supplied
The Chinese restaurant at 96 Rosedale Rd has internal and outdoor dining. Photo / Supplied
Two Albany properties with restaurant tenants, featured in Bayleys' latest national Total Property commercial and industrial portfolio, offer smaller investors and family trusts an affordable commercial market access.
Located in Rosedale, the larger of the two, Unit 15 at 96 Rosedale Rd, will go under the hammer at Bayleys WynyardQuarter auction room at 30 Gaunt St, with the auction brought forward to 4pm on Monday May 7.
It comprises about 144sq m of internal space plus an 85sq m covered, elevated terrace for outdoor dining. The property is generating net annual rent of $89,500 plus GST from an eight-year lease from January 2016 to the Jing'an Shanghai Chinese restaurant.
Bayleys North Shore Commercial's Eddie Zhong, who is marketing the property with Steven Liu, says it is one of the biggest and best positioned units in the Rosedale Retail Centre, a major new retail complex with 38 tenants in the Interplex Business Park. Occupants include an 1800sq m supermarket as the anchor tenant, together with a comprehensive range of other food and beverage outlets, retail and service providers.
Zhong says the property has a high-profile road front location with substantial exposure to Rosedale Rd - a busy arterial road running through the North Harbour Industrial Estate and connecting East Coast Rd and Albany Highway.
Situated between the vast residential (north) and commercial (south) catchments, Rosedale Rd also provides easy access to State Highway 1 and has an average daily traffic count of 19,200 according to Auckland Transport.
"The property is very well positioned to attract passing traffic off Rosedale Rd and has multiple access points as well as an abundance of parking, with parallel parking at the front and on both sides of the building," says Zhong. "Extensive glazing at the front and on the east and west sides of the unit also provides a high level of natural daylight throughout the restaurant."
The Korean restaurant occupies an 82sq m unit at 4 Arrenway Drive. Photo / Supplied
Liu says the lease has built in rent growth, with fixed increases based on the Consumer Price Index (CPI) plus reviews to market; and has two eight-year rights of renewal.
'With an established restaurant tenant in place, this is a great investment opportunity in a rapidly growing commercial and residential area."
The other Rosedale retail restaurant property is up for auction at 11 am on Wednesday May 16. It is an 82sq m unit at 4 Arrenway Drive generating annual net income of $36,750 plus GST from a four-year lease until April 2021, with three four-year rights of renewal. It is being marketed by Mustan Bagasra, Bayleys Orewa and Terry Kim, Bayleys North Shore Commercial
"The property has been leased to a Korean restaurant business since 2009 and it has been a popular destination for Korean food aficionados," says Bagasra. "It has been further enhanced by a recent change in the ownership of the business, with the new owners being experienced operators who also have another branch in central Auckland
"The unit is well-located in the sought-after Rosedale commercial precinct in the North Shore Plaza building, a substantial two-level commercial complex built in 2007 which has a good mix of retail, service and hospitality tenants; and a gymnasium upstairs."
The ground floor unit has the use of a covered outdoor patio which is part of the complex. Two carparks are included in the title plus there is also ample shared parking in front of and underneath the complex, says Bagasra.
Terry Kim says the property will benefit substantially from the new $70m Rosedale bus station to be located in Arrenway Drive which will bring a high level of exposure and traffic to the street.
"It will be constructed alongside the new Northern Busway extension to Albany and provide more transport options for people working in and visiting Rosedale. The project will also include more local bus feeder services as well as local road improvements and improved walking and cycling connections to the station."
Construction on the station is due to start in the middle of next year after the necessary consents have been obtained, with its opening scheduled for 2021. Approximately 4000 passengers a day are expected to get on and off at the Rosedale busway station.
Damian Stephen, manager of Bayleys North Shore Commercial's specialist retail team, says the two units being auctioned are for sale at a time when there is little new retail space available in Albany.
"Most of the space in the new convenience retail convenience centres developed over the past few years is now occupied, with little vacant space meaning there is good demand for retail premises which come up for sale."
