One of South Auckland's biggest shopping centres is up for grabs.
Clendon Shopping Centre, in Manurewa, comes with a net lettable area of 6553sqm on 28,225sqm of land and is about to undergo a multi-million-dollar upgrade.
The property, which is being marketed by Ray White Millwater agents Dylan Turner, April Zhou and Denis Cooksley is being offered for sale via an off-market campaign.
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Turner said the property several anchor tenants, including WINZ, the Counties Manukau District Health Board and The Warehouse, providing $891,135 a year in rental income.
Turner said: “This is a superb opportunity for buyers to purchase an asset that provides a strong cash flow backed by government tenants and a publicly listed company, an intrinsic underlying land value, and significant current and future development potential.
“This property represents a form of land banking for future development with strong investment cash flow security from a solid and reliable tenant base.
“The asset for sale is a part of the overall Clendon Park complex and comprises the main building structure and primary car parks within the overall Clendon Park shopping precinct.
“The current owners have been steadily improving the shopping centre, reviewing and renewing leases, and carrying out upgrade works to better position the centre."
The highlight of the upgrade is a new $2.75 million food court which will consist of nine new food outlets, returning a net income of $345,800 per annum upon completion.
Turner said the current zoning allowed for expansion up to 16 metres of usable area and 18 metres in total.
“The owners have included options on current and future expansion within this allowable build area to further increase value and yields. There's both immediate and future development potential for the site.”
