Two neighbouring shops with established tenants on a busy road in the Auckland suburb of Mount Roskill are being presented to the market for sale.
222-224 White Swan Road in Mount Roskill has 140sq m of total floor area spread across two separate titles.
The properties, which can be purchased individually or together, are zoned Business – Neighbourhood Centre Zone under the Auckland Unitary Plan.
222 White Swan Road is home to Bombay Gents Hairstylists, a popular local shop with a loyal clientele. The property includes 52sq m of floor space.
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Sitting next door is the well-known Levain artisan bakery that spans 88sq m and has the use of two dedicated car parks, providing convenience for staff.
The total annual rental income from both properties is $51,850 plus GST per annum.
The strategic location of these shops means they enjoy vast road exposure to one of Mount Roskill’s busiest arterial routes that connects Blockhouse Bay, Mount Roskill, and Hillsborough. The Auckland Airport and Auckland CBD can be reached in approximately 15 minutes.
Colliers Brokers Gawan Bakshi and Ned Gow have been exclusively appointed to sell the properties via auction that will be held at Colliers, HSBC Tower, Level 23, 188 Quay Street, Auckland at 11am on 16 August, unless sold prior.
The subject properties are part of an in-demand set of shops that are frequented by the local community.
There is ample car parking for customers outside the shops, and the surrounding streets, making the location easily accessible.
The Levain bakery, which returns $32,300 plus GST in net annual rental income, has a polished fit-out and is busy throughout the day from its steadily growing local catchment.
The neighbouring barbershop returns $19,550 plus GST per annum and both properties have existing two-year leases with further rights of renewal. There are market rent reviews on renewal.
Bakshi, Associate Director of Investment Sales at Colliers, says the popular retail shops are highly presentable and make for a savvy and affordable investment for first-time commercial property purchasers looking to acquire a stake in the market.
“With established tenants in a popular location, these highly functional shops are a key part of the local community in Mount Roskill,” Bakshi says.
“The properties enjoy significant street exposure to passing traffic on a busy road and the street parking means they are accessible for customers.
“The ongoing growth of Mount Roskill means there will be continued demand for the amenities in this local shopping precinct.”
Gow, Investment Sales Broker at Colliers, says having longstanding tenants in the properties will be appealing to prospective purchasers.
“The favourable lease terms that include market reviews on renewal suggest there could be potential rental growth in the future,” Gow says.
“There are strong investment fundamentals attached to these popular local shops.”
- Article supplied by Colliers
