A multi-tenanted commercial standalone for sale on a prominent corner site offers investors the chance to tap into a wealthy Auckland suburban catchment.
The two-level freehold property in St Johns provides a hub of neighbourhood amenities. Its high-profile city fringe location at a junction on busy St Johns Road assures it of excellent exposure to high daily traffic flows.
The property is fully leased to three long-standing tenants, a popular takeaway food outlet, a hair studio, and a café, providing diversified total net rental returns of $79,209 plus outgoings and GST per annum.
The property at 110-112 St Johns Road, St Johns, Auckland, is being marketed for sale by James Were and Phil Haydock of Bayleys Auckland Central. It will be sold by auction on Wednesday 15 June, unless sold prior.
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Were said the offering comprised a well-presented building of approximately 209 square metres on some 172 square metres of freehold land, with two car parks.
“Constructed around the 1960s, the property incorporates two ground-floor tenancies of approximately 62 square metres and 38 square metres, plus an upstairs tenancy of some 109 square metres.”
“The larger ground-level tenancy is leased to Bamboo Kitchen, a popular provider of Asian-inspired takeaway food, burgers and fish and chips. Alongside it is a café, while in occupation upstairs is an established hair and sunbed studio,” said Were.
The ground-floor tenancies have access off St Johns Road as well as from a car park at the rear. The upstairs tenancy is accessed via stairs from St Johns Road.
“The presence of these three diverse, well-established tenants will maximise the site’s appeal to investors. With its prominent corner position and favourable zoning, there is also future development upside,” Were said.
The site’s Business – Neighbourhood Centre zoning under the Auckland Unitary Plan generally applies to corner stores or small shopping strips located in residential neighbourhoods.
Haydock said the zone was designed to meet the regular retail and commercial service needs of residents and passers-by, typically enabling buildings of up to three storeys with residential use permitted at upper floors.
“St Johns Road has busy traffic flows, providing retail tenants with a high level of exposure, and it also links the area with neighbouring suburbs such as Remuera, Meadowbank and Eastern Bays.’
“The Meadowbank village and mall is a short distance away, offering a wide range of facilities.”
“The area is also well served by public transport. There are plenty of bus stops along St Johns Road and Meadowbank train station is within walking distance. The Greenlane motorway onramp is less than 4 kilometres away, providing easy access to both the Northern and Southern motorways,” Haydock said.
- Article supplied by Bayleys
