A recently refurbished building providing a significant split-risk income in one of Auckland’s key growth areas is on the market for sale.
178-182 Onehunga Mall is strategically located on a prominent corner site in the town centre of Onehunga on the city fringe. Formerly home to the ANZ Bank, the building has recently undergone an extensive refurbishment to be repurposed as a multi-tenanted convenience retail building.
The property’s 355sqm of net lettable area across two floors comes fully leased, underpinned by three tenants all on new eight-year leases, providing diversified income streams.
Seismically strong, it holds an 80% NBS rating and is positioned on a 390sqm freehold corner site with two street frontages and fantastic exposure to both foot traffic and cars.
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JLL Brokers Jason Armstrong, Alex Wefers, and Ranesh Parmar have been exclusively appointed to present 178-182 Onehunga Mall for sale via Deadline Private Treaty closing at 4 pm on Thursday 2 June 2022, unless sold prior.
Armstrong says the modern, well-presented retail and hospitality space provides a rare opportunity within a key location and substantial growth area of Auckland.
“The property is anchored by Night ‘n Day, an award-winning retail convenience network with over 50 stores across New Zealand. In addition to this essential service tenant, two modern hospitality concepts Good Dog Bad Dog and Slabs Pizza make this a property that stands out from the rest,” says Armstrong.
“Between the three tenants the property returns $200,639+GST net per annum. All three leases have built in fixed annual rental growth and are secured with bank guarantees. Lending banks will certainly consider this, along with the strong IEP as favourable.”
Wefers says with its modern refurbishment, strong NBS rating, secure split-risk income, and favourable Business Town Centre zoning that allows for a range of activities and development with potential build height up to 27 metres, it is a truly compelling investment proposition.
“The property boasts a north-facing aspect positioned on the corner of Church Street within walking distance to the train station, Dress Smart Shopping Centre, the community hall, high street retail and the Countdown supermarket,” says Wefers.
“Onehunga has been selected by Eke Panuku Development Auckland as a priority for transformation. This means revitalisation of the town centre, regeneration of the wharf area, more local connections by enhancing the walking and cycling experience and fostering innovative residential housing solutions.”
Parmar, who was involved in the leasing of the quality building, says they experienced strong tenant competition for 178-182 Onehunga Mall as a result of its prime corner position within the Onehunga town centre.
“Onehunga is one of Auckland’s most accessible suburbs with a thriving retail and hospitality centre and is quickly becoming a preferred location for up-and-coming hospitality, retail, recreation and professional service businesses,” says Parmar.
“In regards to future-proofing, in addition to its favourable zoning there are several new local residential developments surrounding 178-182 Onehunga Mall by industry-leading firms, including the soon to commence 80 apartment development ‘Onehunga Mall Club’ which will only be a one-minute walk away.”
- Article supplied by JLL
