A multi-tenanted retail property on a major arterial route in Pukekohe is being offered to the market for sale and presents prospective purchasers with the opportunity to acquire a highly visible asset with a steady rental stream.
136 Manukau Road, Pukekohe has 1,350sq m of combined building area on a 3,365sq m site that is zoned Business – General Business Zone under the Auckland Unitary Plan.
This zone provides for business activities from light industrial to limited office, large format retail, and trade suppliers.
Units A and B, which have a total floor area of 1,088sq m, are tenanted by the Bed, Bath & Beyond Home Store with The Cheesecake Shop in Unit C, which measures 125sq m, and Crown Bakery & Cafe in the 137sq m Unit D.
Start your property search
Anchor tenant, the Bed, Bath & Beyond Home Store have a new eight-year lease in place that is set to begin in September, subject to the signing of a new agreement, and will run until September 2032 with a final expiry of September 2046, if the available rights of renewal are taken up.
The Cheesecake Shop’s lease runs until August 2028 with a further five-year renewal available, while Crown Bakery & Cafe’s existing term goes until April next year with a final expiry of 2028 if their three-year renewal is utilised.
The total rental income from the property from late September, following rental reviews on the tenancies, is scheduled to be approximately $535,701 plus GST and operating expenses.
With 44 shared car parks and dual access points there is convenience for customers and the property is only 900m from the Pukekohe bus and train station. State Highway 22 is 3km away and there are two interchanges for State Highway 1 that can be reached in 15 minutes.
Colliers Brokers Tony Marsh and David Burley have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 25 September, unless sold prior.
Pukekohe is part of the rapidly growing Franklin District that is benefiting from considerable infrastructure investment that includes commercial and residential developments.
As well as upgrades to local roading, the electrification of the railway line will enhance the connectivity of the area.
Auckland Council’s development arm Eke Panuku has created the Pukekohe Masterplan, which features a handful of key projects that will boost the appeal of the town’s centre. The subject property is only a few minutes from the CBD.
Marsh, Investment Sales Broker at Colliers, says the development of Pukekohe is coinciding with considerable population growth in the area.
“Data from the most recent Census notes the population of the broader Franklin area grew by 12.7 per cent between 2018 and 2023,” Marsh says.
“An improved offering of commercial services and infrastructure in Pukekohe will continue to drive interest in the area.”
Burley, Auckland Director of Investment Sales at Colliers, says the property benefits from a strong road presence with more than 60m of street frontage.
“Sitting on a major transport corridor in and out of Pukekohe, this offering is surrounded by well-known brands and businesses that are located in the neighbouring retail precinct known as The Zone,” Burley says.
“This includes tenants such as The Warehouse, Repco, Warehouse Stationery, Chemist Warehouse, Kathmandu, and multiple other larger format retail occupiers.
“Further down the road there is also a McDonald’s and a new medical centre, which is due to open in Q4 2024.”
Marsh says when weighing all of the key factors of this retail investment it is one that warrants serious consideration.
“The property is anchored by a well-known brand that intends to make a long-term commitment to the location, while the complementary tenancies create a diversified investment that has a lot of appeal.”
- Supplied by Colliers
