The Trophy Auction Selection – described by NAI Harcourts as “a portfolio of some of New Zealand’s finest investment properties” – will go under the hammer later this month.
Many secured by national tenants, all in premier locations, the company says the auction offers investors the opportunity to acquire prime real estate throughout the country.
The auction will be held at noon, Friday August 25 at the company’s auction rooms in Takapuna, although properties may be sold prior. NAI Harcourts commercial sales consultant Tim Turner is the listing consultant, working alongside colleagues in several regions.
“This truly is an amazing opportunity for anyone looking to invest in prime real estate, and to buy at auction, a very transparent sales process for buyer and seller,” Turner says.
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“We have on offer three supermarkets, including a modern FreshChoice in St Albans (Christchurch) with a long lease; two Countdowns, one new building in Wellington and one refurbished one in Feilding with 20 years of trading history.
“The Warehouse in Alexandra covers a vast catchment area in Central Otago, with two decades of trading history. It is a retail magnet with minimal competition and has a presence in a unique building that fits the picturesque location.
“In Takapuna we have Halls Corner, an iconic retail destination with multiple tenants such as TSB Bank and Lululemon providing security of cashflow. The underlying zoning allows future development to 24.5m height.
“Auckland Council is very focused on driving Takapuna’s growth as evidenced by the suburb's rapidly changing skyline,” Turner says.
“In Northcote we have a beautiful classical building leased to the Engine Room, an award-winning restaurant opposite the Bridgeway Theatre. It has off-street parking and the Neighbourhood Business Centre Zoning allows commercial and residential use up to three levels.
“In Herne Bay, we offer the BP service station on a premier site with guaranteed rental growth. The location is tightly held in one of New Zealand’s wealthiest suburbs.
“I'm confident these properties will be sold at levels reflecting the market and the timing could not be better,” Turner says.
The full list is:
Countdown Aotea, 3A Whitford Brown Ave, Porirua: A resilient modern supermarket in a growing residential catchment area. Constructed in 2017, this strategic asset provides security of cashflow underpinned by Woolworths NZ and income of $1 million a year.
Countdown Feilding, 147 Kimbolton Rd: One of only two supermarkets in Feilding, constructed in 1996 and has undergone major refurbishment with the most recent upgrade in 2021. Net income of $676,000 a year.
The Warehouse Alexandra, 10 Limerick St: A stunningly designed building in keeping with the town’s history. The only large-scale department store in the Central Otago district, it returns an income of $415,250 a year.
FreshChoice Edgeware, 61-63 Edgeware Rd, St Albans: A modern stand-alone supermarket property, located in a highly desirable suburb, with a large and growing catchment just north of Christchurch CBD. The property has a long-term lease and net income of $276,600 a year.
Halls Corner, 2 Hurstmere Rd, Takapuna: Anchored by TSB Bank, which provides approximately 43 per cent of income. Other tenants include 3 Wise Men, Umi Sushi, Old Lolly Shop, Box'd, Mr Yum and Reflexology, providing a consistent stream of split risk income.
Halls Building, 4 Hurstmere Rd: A 332sq m freehold site with a two-level building that has prime retail frontage on Hurstmere Rd, leased to five tenants providing multiple income streams.
20 Hurstmere Rd: Third component of the retail destination, it has three tenancies with modern fitouts and a chic feel in LuluLemon and Superette.
BP Jervois Rd, 47-55 Jervois Rd, Herne Bay: Fully leased to a well-established tenant, guaranteeing an impressive annual return of $150,500 plus GST, with approximately four years remaining on a 10-year lease and additional rights of renewal through until 2046.
The Engine Room, 115 Queen St, Northcote Point: A 503sq m freehold corner site, leased to the award-winning restaurant since 2006, returning $130,000 plus GST and outgoings.
— Article supplied by NAI Harcourts
