Two neighbouring properties with an unbeatable street position in the popular Auckland suburb of Onehunga offers prospective purchasers the unique opportunity to acquire assets with steady rental income and value-add potential.
The ornate character building at 186-188 Onehunga Mall offers a slice of Auckland heritage and a steady investment, being fully leased.
The neighbouring alternative at 190 Onehunga Mall is an add-value proposition with vacancies, allowing for immediate refurbishment.
186-188 Onehunga Mall provides 346sq m of net lettable area on 278sq m of land, while 190 Onehunga Mall has 292sq m of net lettable area on 248sq m of land.
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Both properties are zoned Business – Town Centre Zone under the Auckland Unitary Plan.
186-188 Onehunga Mall hosts four tenants returning $84,540 plus GST in net annual rental income, with the retail tenancies having occupied the building for a significant period, providing an established presence and loyal following on the Mall. The two first floor office tenancies have a high stud and great character with an abundance of natural light.
190 Onehunga Mall has one existing dental tenant alongside two vacant office spaces on the first floor. A vacant 203sq m ground floor retail space offers a great add-value angle and could be split into smaller tenancies, opening the opportunity to a wider tenant pool while maximising return. The property was last fully leased for $74,741 plus GST per annum.
The freehold properties currently provide a combined total annual income of $94,705 plus GST and a potential annual net market income of $159,281 plus GST. They can be purchased separately or as a combined offering and are strategically located in the centre of Onehunga Mall’s retail strip, an area that draws strong foot traffic.
Colliers Brokers Ned Gow, Gawan Bakshi, and Gareth Fraser have been exclusively appointed to market the properties for sale by deadline private treaty closing at 4pm on Wednesday 11 May, unless sold prior.
Gow, Investment Sales Broker at Colliers, says these properties are in a highly sought-after location and will hold significant appeal for a wide range of buyers.
“There’s options for every type of purchaser with the ability to add a fantastic character building and investment to your portfolio or add-value through tenanting and refurbishing a predominantly vacant building,” Gow says.
“You seldom get opportunities to enter the open market in Onehunga, let alone two different types of investments in the centre of the Mall. It’s a truly rare chance to acquire affordable strip retail in a growing area.”
Bakshi, Investment Sales Broker at Colliers, says Onehunga is one of the fastest growing commercial and residential precincts in Auckland.
“Onehunga has become a hot spot for investment with rapid gentrification and new infrastructure quickly changing the dynamic of the suburb,” Bakshi says.
“New retail businesses, apartment developments, and general upgrades are visible throughout the area. A changing demographic has demanded a higher quality of retail and services in the area with the Good Home gastropub, Mr. T’s, and the ONE Cafe just a few examples of popular offerings that are close to the subject properties.”
Fraser, Auckland Director of Investment Sales, says the properties are positioned in a central location with convenient access to both State Highway 1 and State Highway 20.
“The site is a 15-minute drive from the CBD, 10-minute drive to Auckland Airport, and a 30-minute train commute into Britomart. The Onehunga train station, that opened in 2010, has been a key driver in the suburb’s growth with an estimated 8,500 weekly passengers. There is also access to a number of bus routes that link to various corners of Auckland.” Fraser says.
“We expect there will be significant interest in these properties given the opportunity to potentially acquire a heritage building and a neighbouring site that offers vast growth potential. We encourage all interested parties to contact us immediately.”
- Article supplied by Colliers
