Two high-profile adjoining properties on a prime Business Mixed-Use zoned site with dual access and dual frontage in the heart of Otahuhu providing split-risk income streams are up for auction later this month.
The substantial stratum in freehold landholding at 23 Princes Street and 26 Atkinson Avenue currently accommodates South City Limited, trading as the Otahuhu Seafood Shop, and a residential investment with carparking providing combined net rental income of approximately $135,160 excluding GST (if any).
The properties sit in a town centre location with a rich concentration of amenities and transport links, within a suburb benefiting from local growth and public sector investment that are driving significant buyer interest.
Colliers has been exclusively appointed to market the properties for sale by way of auction to be held at 11am Wednesday 23 June 2021 at Colliers Highbrook, Level 1, Colliers House, 52 Highbrook Drive, East Tamaki, unless it is sold earlier.
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Gawan Bakshi, Investment Sales Broker at Colliers, says the properties for sale represent a number of benefits for investors looking to acquire two strategic land holdings with plenty of upside.
“23 Princes Street, Otahuhu, is positioned on a substantial land parcel with the IEP A-grade seismic rated building comprising of a regular shaped, single storey facility currently occupied by a popular seafood and convenience food retailer providing income of $105,000 per annum plus GST (if any).
“The building is positioned to the rear of the site with car parking to the front of the site. The property benefits from approximately 25 metres of road frontage to Princes Street.
“The building itself is constructed predominantly of concrete block with long run iron roofing and roller door access to the rear of the building. The tenant has made a range of food-grade improvements throughout the site.
“The residential property at 26 Atkinson Avenue consists of predominantly brick construction with a tiled roof. It features two bedrooms, a bathroom and kitchen with a separate living area that includes a heat pump.
“There is parking to the front and side and is currently occupied by a residential tenant on a residential tenancy agreement with income of $23,920 and an additional $6240 per year plus GST (if any) for the carparks. There is a range of opportunities for a potential purchaser to occupy and add value under the Business Mixed-Use zoning,” says Bakshi.
Ryan Gibb, Investment Sales Broker at Colliers, says the properties positioning and location are strong investment drivers for purchasers.
“23 Princes Street and 26 Atkinson Avenue is a well-positioned site on the corner of Princes Street and Atkinson Avenue, a main arterial route linking suburbs north and south, in the heart of Otahuhu.
“The area benefits from a large number of local and national retailers and trade outlets, along
with health and public services nearby.
“Notable commercial premises in the vicinity include Otahuhu Health Centre, Work and Income, Otahuhu Town Hall, NZ Post, MSD Regional Office, Otahuhu Recreational Centre, Otahuhu Police Station, and numerous branded restaurants and retail outlets.
“The property is well connected to surrounding suburbs and outer commercial centres of Auckland, with SH1 via Princes Street. SH20 is approximately an 8-minute drive and Auckland Airport is under 15 minutes away.
“A number of public transport options are in nearby with the Otahuhu Bus Station on the boundary of the site between King Street and Avenue Road. Otahuhu Train Station is only 1km away providing connectivity to the wider Auckland region.”
Bakshi says: “this is a highly popular offering and we encourage all interested parties to undertake due diligence forthwith to avoid any disappointment.”
