Are you looking for an investment with an upside but stable income? This affordable, well-established building in the heart of Otahuhu Township has everything to offer.
Stable tenants that have occupied for many years but as the building is currently under-rented the incoming investor has the opportunity to enjoy upside from increased rentals. Both main tenants have individual gaming licenses for 18 machines each making this one of the few (if any others) privately owned properties with 36 approved gaming machines. The property is fully tenanted and currently returns a net of $196,680.96 per annum. ‘Victoria Arcade’, as the building is called is well known in this area and enjoys a walk-through arcade from Queen Street to Great South Road. Vendors are motivated to sell and generously offer vendor finance for an approved purchaser.
- Two levels, mixed-use building with the well-known, ‘Victoria Arcade’, running through it
- Includes two bar tenancies both licensed for 18 gaming machines each (Licenses held by the current tenants)
- Currently returning net of $196,680.96 per annum
- Building under-rented, potential for increased rentals for add value investor
- The net lettable building area over two levels is approx 1,378.4sqm.
- Freehold land approx. 1,009sqm
- Zoned – Business Town Centre allowing for multiple uses
- Dual street frontages, to Great South Road and Queen Street
- Multiple tenancies provide a diversification of income and hedge investment risk
- Only 1.6kms to Otahuhu Train Station
For Sale via Deadline Private Treaty closing at 4:00pm (NZST) on Wednesday 18th September 2024 (unless sold prior)
Call sole agents today to learn more about this great building and the vendor's finance offer.
