A fully tenanted retail block, with 10 tenancies, is available for sale in the south east Auckland suburb of Howick.
Units A-E 219 Moore Street is being marketed for sale by Albert Quan of NAI Harcourts North Shore. The standalone freehold property is in five titles and is positioned on a road front site that is approximately 5,473m².
The buildings are estimated to have been built around 2005 and comprise two one-storey buildings.
Each of the five titles consists of two tenancies, making a total of 10 tenancy spaces.
Unit A is leased by HHH Advertising media, a manufacturer and retailer of advertising products. They have a three year lease which expires in 2018, with two rights of renewal for an additional three years. Rent is $24,000 per annum on a floor area of approximately 101sq m.
The second tenancy in Unit A is Healthy Grocers NZ, Limited, which is a specialty grocery and wholefoods retailer, as well as a café. The lease is four years, expiring on 28 July 2019, with two rights of renewal for four years. The annual rent is $56,420 on a floor area of approximately 217sq m.
Unit B is tenanted by Howick Fruit Market Limited and Praveena and Tejaswi Holdings Limited. Howick Fruit Market Limited is a fruiterer with a six year lease. Expiring on 12 November 2023, there are two rights of renewal for six years. The annual rent is $135,720 on a floor area of approximately 525sq m.
Praveena and Tejaswi Holdings Limited is a pizza vendor. There is a three year lease, with no rights of renewal. The lease expires on 14 December 2017. Annual rent is $23,000 on a floor area of 90sq m.
Unit E is tenanted by Xin Xiang Rong NZ, a two dollar type shop, with a six year lease that expires on 30 April 2018. There is one right of renewal for six years. The annual rent is $38,156 on a floor area of approximately 155sq m.
The second tenancy in Unit E is held by Miuwa Coffee Limited, which is a café that also sells jewellery and paintings. The lease is three years, expiring on 28 February 2018, with two rights of renewal for three years. The annual rent is $35,000 on a floor area of 166sq m.
Unit D is tenanted by the Order of St John Northern Regional Trust Board and Raw Essentials Limited.
The Order of St John Northern Regional Trust Board runs an opportunity shop and has a three year lease, expiring on 7 November 2018. There is one right of renewal for three years. The annual rent is $55,414 on a floor area of approximately 245sq m.
Raw Essential Limited is a retailer of pet food. It has a three year lease, which expires on 7 February 2017. There are three rights of renewal for three years each. The annual rent is $24,786 on a floor area of approximately 82sq m.
Finally, Unit C is tenanted by Kip McGrath Education Centres NZ (2006) Limited, a child education facility, and Xie Li Limited, a Chinese restaurant.
Kip McGrath has a five year lease which expires on 8 July 2020. There are two rights of renewal for three years each. Annual rent is $35,000 on a floor area of approximately 168sq m.
Xie Li Limited has a five year lease which runs until 21 November 2020. There are two rights of renewal of five years each. The annual rent is $66, 892 on a floor area of approximately 278sq m.
Quan says in total the net income of the property is $490,224 per annum.
The property includes 88 shared carparks.
Quan says this is a great opportunity for an investor who wants a split risk investment, with the potential for excellent return.
This retail block is located in the Business Zone 5 of Howick and is surrounded by residential areas. It serves a large number of households nearby. Future zoning under the Proposed Auckland Unitary Plan is Light Industry, which allows for light industrial activities that do not generate objectionable odour, dust or noise emissions. This includes light manufacturing, production, logistics, storage, transport and distribution activities.
The road frontage is about 73m, with a depth of 53.8 – 81.8m
The property is for sale by deadline treaty on April 1st, 4pm, unless sold prior.